Canadian Solar reaches financial close on Aguascalientes solar project

In:

Renewable energy

Region:

Americas

Canadian Solar has achieved financial close on the $69 million non-recourse project financing for the 67.8 MWp Aguascalientes solar power project in Mexico that it signed last week with Bancomext and Banco Sabadell.

The financing consists a $53.2 million term loan split between 16.5-year and 19.5-year tranches, a $5.6 million letter of credit facility, and a $10.2 million VAT short-term loan. Proceeds from the long-term loan will be used to repay a $45 million construction loan that was previously provided by Natixis.

The Aguascalientes project was awarded during the 2016 inaugural Mexico energy auction and benefits from a 15-year PPA with Comision Federal de Electricidad and 20 years of Clean Energy Certificates.

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