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Canadian Solar secures funding for Italian portfolio

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Energy Global,

Canadian Solar Inc. has announced that it has secured a €55 million bilateral Revolving Credit Facility with Intesa Sanpaolo to fund the construction of a 151 MWp portfolio of solar photovoltaic projects in Italy, located across different municipalities in Sicily, Apulia and Lazio. The first projects of the portfolio are expected to break ground in 3Q2020.

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, displacing 73 384 tpy of CO2.

The project shows Canadian Solar's bankability in the global solar market. This 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.

Canadian Solar has been active in the Italian subsidy-free market since 2018, and has now over 900 MWp of project pipeline under permitting. The company is also growing its pipeline in the other key unsubsidised European markets, namely Spain and the UK, with a portfolio of over 2 GWp under development across Europe.

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