Canadian Solar secures project financing and continues to invest into solar energy development in Italy
Guelph, Canada (SPX) Mar 18, 2020
Canadian Solar has secured a EUR55 million bilateral Revolving Credit Facility with Intesa Sanpaolo to fund the construction of a 151 MWp portfolio of solar PV projects in Italy, located across different municipalities in Sicily, Apulia and Lazio. The first projects of the portfolio are expected to break ground in Q3 this year.
“Canadian Solar has always been standing in solidarity with our employees, customers and partners around the world. By securing this project construction financing, we are committed to, and will continue to invest in the Italian solar market during this challenging time,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
This portfolio of 12 projects will be among Italy’s first subsidy-free utility scale solar projects. These projects will be built using Canadian Solar HiKu CS3W-425 modules and its EPC capabilities.
Once operational, these projects are expected to generate approximately 287 GWh of solar power per year, equivalent to the annual electricity consumption of 57,331 people, and contributing to displacing 73,384 tons of CO2 per year.
Being one of the first financings of this type and size in Italy, it shows Canadian Solar’s strong bankability in the global solar market. This strong bankability is built on Canadian Solar’s 18 year’s track records on its quality product performance, its solar project development experience and its senior management winning strategy and execution.
Canadian Solar hopes to continue working with Intesa Sanpaolo to further strengthen its leadership position in the important Italian renewable energy market and to advance the European Union goal to a carbon-neutral economy by 2050.
Dr. Shawn Qu continued, “I appreciate Intesa Sanpaolo’s trust in Canadian Solar and its support for solar energy development. Italy is an important energy market where subsidy-free solar energy is already competitive with conventional sources. Meanwhile, Italy is expected to be one of the fastest growing solar energy markets in Europe given the size of its economy and abundant solar resources. Canadian Solar is well positioned to play a role in achieving the goal of building a carbon-neutral future.”
Canadian Solar has been active in the Italian subsidy-free market since 2018, and has now over 900 MWp of project pipeline under permitting, making it one of leading players in the country. The Company is also growing its pipeline in the other key unsubsidized European markets, namely Spain and the UK, with a portfolio of over 2 GWp under development across Europe.