Canadian Solar Secures $45 Million For Mexico Project

Chinese vertically integrated solar company Canadian Solar, has achieved financial closure for its 68 MW solar power project in Mexico’s Aguascalientes. The $45 million for the project came from French Groupe BPCE’s corporate investment banking company Natixis.

The non-recourse financing will be used to construct the Mexican project that Canadian Solar won at the 2016 inaugural Mexico energy auction. Back then, the capacity of the project was slated to be 63 MW (see CSI Wins Mexico Project).

Canadian Solar will be using more than 200,000 of its high-efficiency CS6U-P poly modules. Previously, the commercial operation deadline was announced as September 2018, but the Chinese company now says project construction started in April 2018, and will complete in December 2018.

Aguascalientes project is bound by a PPA to sell solar power to Mexico’s Comisión Federal de Electricidad(CFE) for a period of 15 years. It has also signed for 20-year clean energy certificates for some $47.95 per MWh.

“This is Canadian Solar’s first solar power project in Mexico and our first time working with Natixis. I expect more to come in this rapidly growing market,” said Shawn Qu, chairman and CEO of Canadian Solar. “We have a 436 MW pipeline of late-stage solar projects with PPAs in Mexico and look forward to collaborating with financial institutions, such as Natixis to, construct these projects.”

The 436 MW Qu mentioned include 367 MW project capacity Canadian Solar won in the third long-term auction for renewables in Mexico in November 2017.

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