Canadian Solar has secured a €55 million credit facility from Italy’s Intesa San Paolo.
The company said it will use the funds for a 151 MW portfolio of 12 unsubsidized solar power projects across several parts of Italy, including Sicily, Apulia, and Lazio.
It will start building the first projects in the third quarter of this year. “By securing this project construction financing, we are committed to and will continue to invest in the Italian solar market during this challenging time,” said Canadian Solar CEO Shawn Qu.
All of the projects will feature Canadian Solar’s HiKu CS3W-425 modules, the company added, noting that it currently has around 800 MW of PV projects under the approval process in Italy.
At the latest Forum Italia Solare event, held in December, industry experts said that the permitting process for large-scale PV projects is the most difficult challenge for PV developers in Italy now. Emilio Sani, the founder of law firm Sani Zangrando Avvocati and a board member of Italia Solare, said that national rules lack the criteria needed to identify areas that are eligible for PV project development.