Canadian Solar Raises $30 Mn from CPDFund to Develop Solar Farms in Brazil

Nasdaq-listed Canadian Solar has raised USD 30 million in funding from the China-Portuguese Speaking Countries Cooperation and Development Fund (CPDFund).

The Canadian solar photovoltaic (PV) modules manufacturer aims to deploy the funding raised for the development and construction of solar projects in Brazil.

As of now, the Canadian company has 1.7 GW of solar PV projects developed and awarded with power purchase agreements (PPAs) in the federal and regional energy auctions, out of which 480 MW are under operation.

Commenting on the funding raised, Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said that “we are pleased to collaborate with the CPDFund again to support the development and construction of more solar projects in Brazil. The last financing transaction in 2017 helped us bring our first Brazilian project, the 191 MWp Pirapora I power plant, to commercial operation. Since then, Canadian Solar has become a leader in the Brazilian solar energy market and is continuing to grow its project pipeline in the country.”

On future partnerships, he said that “we look forward to more opportunities to cooperate with companies and financial institutions, in China and globally, to accelerate the growth of solar energy.”

The CPDFund was established by China Development Bank and the Macau Industrial and Commercial Development Fund, committed to promoting investment and cooperation between China and Portuguese-speaking countries including Brazil. Since its establishment in 2013, the CPDFund has reached US$ 1 billion in size and has become an important platform to foster investment cooperation between China and Portuguese-speaking countries.

Recently, US-based Solaria Corporation has said that it has filed suit against Canadian Solar in the Federal District Court for the Northern District of California.

The suit alleges that Canadian Solar infringes Solaria’s US patent that covers a process for separating PV strips from solar cells for use in tiled or so-called shingled solar modules.