The three solar plants are powered by solar modules manufactured by Canadian Solar. Credit: chuttersnap on Unsplash.

EDF Renewables and Canadian Solar have raised a total of R$1.39bn ($373m) through multiple project finance sources for their jointly-owned 399 Mega Watt peak (MWp) Pirapora solar park in Brazil.

EDF Renewables owns 80% stake in the399MWp Pirapora solar complex, while Canadian Solar owns the remaining 20% of the project.

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Canadian Solar chairman and CEO Dr Shawn Qu said: “These financings demonstrate the huge interest of leading financial institutions in the development of large-scale solar energy infrastructure in Brazil.”

For the 191.5MWp Pirapora I solar power project, the two companies raised R$220m ($59m) of infrastructure debentures through a private placement to institutional investors.

With a tenor of 16 years, the debentures are guaranteed by the Inter-American Development Bank (IDB) and IDB Invest, the private sector unit of the IDB. This is also IDB’s first structured credit guarantee product for solar in Brazil.

“These financings demonstrate the huge interest of leading financial institutions in the development of large-scale solar energy infrastructure in Brazil.”

Last August, Pirapora I solar power project also received an 18-year financing of R$529m ($142m) from the Brazilian Development Bank.

For the 115MWp Pirapora II solar power project, EDF Renewables and Canadian Solar secured long-term project financing of R$366m ($99m) from Banco do Nordeste and the Northeast Constitutional Fund . A long-term project financing of R$271m ($73m) from BNDES and the Brazilian National Climate Fund was approved for the adjacent 92.5MWp Pirapora III solar power project.

EDF Renewables Brazil CEO Paulo Abranches said: “The high quality of the projects and the solidity of the sponsors were determinant to structure this important funding.”

The Pirapora solar park in Brazil is claimed to be one of the largest solar complexes in the Latin America region and has been operational since mid-2018.

The three solar plants are powered by nearly 1,235,000 CS6U-P modules, which are manufactured by Canadian Solar in Sao Paulo State, Brazil.

Solar power produced by these projects is contracted with 20-year inflation-linked power purchase agreements (PPA).