Canadian Solar has secured $60m financing from Intesa Sanpaolo to fund the construction of 151MW portfolio of solar PV projects in Italy.
To be located across various municipalities in Sicily, Apulia and Lazio, the solar portfolio will include 12 projects.
Labelled as among Italy’s first subsidy-free utility scale solar projects, the facilities will feature Canadian Solar HiKu CS3W-425 modules.
Construction on the first projects of the portfolio is expected to begin in the third quarter of 2020.
After entering into operations, the solar projects are expected to generate approximately 287 GWh of solar power annually.
The generated power will be equivalent to the annual electricity consumption of 57,331 people.
In addition, the projects will help in avoiding 73,384 tons of CO₂ per year.
Canadian Solar stated: “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.”
The company expects to continue its partnership with Intesa Sanpaolo to expand its presence in the Italian renewable energy market.
Currently, Canadian Solar has more than 900MW of project pipeline under permitting in Italy, after entering the country in 2018.
The company is also expanding its portfolio in the other key unsubsidized European markets, namely Spain and the UK.
The financing was secured to support the 152.4MW Lavras project over 21 years across the construction and operation phases of the projects.