Aguascalientes power plant is equipped with more than 200,000 solar modules. Credit: Zbynek Burival on Unsplash.

Solar photovoltaic (PV) manufacturer Canadian Solar has closed $69m non-recourse project financing for its Aguascalientes solar plant in Mexico.

This financing package for the 67.8 MWp solar power project was provided by Mexican development bank and export credit agency Banco Nacional de Comercio Exterior (Bancomext) and  Spain-based commercial banking group Banco Sabadell.

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The financing package includes a $53.2m long-term loan, a $5.6m letter of credit facility, and a $10.2m value added tax (VAT) short-term loan.

Canadian Solar intends to use the proceeds to repay a $45m construction loan that was earlier taken from Natixis.

Equipped with more than Canadian Solar’s 200,000 CS6U-P Max Power modules, the solar plant in Mexico is expected to become operational later this month.

Canadian Solar chairman and CEO Shawn Qu said: “We are pleased to partner with Bancomext and Banco Sabadell to support Mexico’s goal of reaching 35% renewable energy by 2024.

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"Equipped with more than Canadian Solar’s 200,000 CS6U-P Max Power modules, the solar plant in Mexico is expected to become operational later this month."

“We already have a 436MWp late-stage pipeline with contracted PPAs in Mexico. These solar projects will enable Canadian Solar to create many local jobs across the Aguascalientes, Hermosillo, and Obregón regions.”

In 2016, a power purchase agreement (PPA) was signed during the inaugural Mexico energy auction.

The clean energy generated by the plant will be sold to Comisión Federal de Electricidad, under a 15-year PPA for energy and capacity, and a 20-year PPA for Clean Energy Certificates.

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

EDF Renewables owns 80% of the Pirapora complex, while Canadian Solar owns the remaining interest.