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March 6, 2017

Canadian Solar gets funding to develop projects in Brazil

Canadian Solar has received an unsecured funding of $20m from the China and Portuguese-speaking Countries Cooperation and Development Fund (CPDFund) for projects in Brazil.

Canadian Solar has received an unsecured funding of $20m from the China and Portuguese-speaking Countries Cooperation and Development Fund (CPDFund) for projects in Brazil.

One project, the 191 MWp Pirapora I in the state of Minas Gerais, is currently under construction and expected for completion in Q3 of this year. The project is expected to generate 391.3GWh of clean electricity per year once in operation. This would meet energy needs of more than 200,000 Brazilian households every year, avoiding 228,000t of CO² emissions. 

Canadian Solar's chairman and chief executive officer (CEO) Dr Shawn Qu said: "This milestone funding from the CPDFund cements our collaboration towards the CPDFund's investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide.

“We look forward to more opportunities to cooperate with state-owned enterprises and institutional investors in China to boost solar energy growth globally."

"We look forward to more opportunities to cooperate with state-owned enterprises and institutional investors in China."

In October last year, the company announced the sale of 80% interest in the project to EDF Energies Nouvelles' local subsidiary EDF EN do Brasil.

Canadian Solar's investments in Brazil include the operation of the 380MW solar module manufacturing facility and the development of a further 207MWp of solar energy projects, with power purchase agreements for 20 years.

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The company manufactures solar photovoltaic modules, provides solar energy solutions, and has a geographically diversified pipeline of utility-scale power projects in various stages of development.

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