Solar photovoltaic manufacturer Canadian Solar has secured a non-recourse project financing of R$487m ($120m) financing for its Francisco Sa and Jaiba solar power projects.

Banco do Nordeste do Brasil (BNB) has agreed to fund the 114.3MWp Francisco Sa and 112.4MWp Jaiba projects during the construction and operation phases over a 23-year period.

Construction works at the site are expected to begin in the fourth quarter of this year and the projects are expected to begin commercial operations in 2021.

Canadian Solar chairman and CEO Dr Shawn Qu said: “We are delighted to close our third and fourth consecutive project financings with BNB. These new financings affirm the public sector’s support to empower social demand for clean and affordable solar energy infrastructure in Brazil.

“As a financier to the fastest-growing renewables market in Latin America, BNB’s continuing participation promotes our confidence in the long-term potential of Brazil’s green energy sector.”

BNB’s funding is expected to support Canadian Solar’s plan to develop one of the largest bi-facial solar power plants in Latin America.

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Last April, Canadian Solar secured the Francisco Sa and Jaiba solar projects through Brazil’s A-4 federal auction. The projects are supported with a 20-year, inflation-adjusted power purchase agreements (PPAs) with the Brazilian Electric Power Commercialization Chamber (CCEE).

Since the beginning of this year, Canadian Solar has secured R$782m ($192m) solar project financing with BNB.

In February, Canadian Solar received an R$295m ($80m) financing package from Brazilian regional development bank Banco do Nordeste to support the 114MW Salgueiro solar project in the country.

The Salgueiro project is part of the 478MW solar portfolio awarded to the company during the last two Brazil A-4 energy auctions in December 2017 and April 2018.

Founded in 2001, Canadian Solar manufactures solar photovoltaic modules and provides solar energy solutions.

In the last 17 years, the company is claimed to have delivered more than 36GW of quality modules worldwide.