Canadian Solar Inc., a solar power giant, has reportedly finalized a $45 million deal with Natixis, a banking firm (an arm of the second largest banking group in France, Groupe BPCE), for a solar power project to be set up in the Mexican city – Aguascalientes.

Sources state that the proceeds from this non-recourse financing will be used for the construction of Canadian Solar’s 68-MegaWatt peak (MWp) solar power project in Mexico.

According to a statement by the Canadian Solar, during the inaugural 2016 Mexico Energy Auction the Canadian company was awarded the Aguascalientes power project. The power yielded through this project would reportedly be sold to the Comisión Federal de Electricidad, based on a 15-year PPA for energy & capacity, and 20-years for Clean Energy Certificates at about US $47.95 per MWh.

For the uninitiated, the power project will apparently meet the energy demand of about 60,000 local households and will see a fall in the greenhouse gas emissions by about 30,000 tons. Canadian Solar will supply around 200,000 units of high-efficiency CS6U-P poly modules for the project, cite trusted sources.

Canadian Solar Inc., Chairman and CEO, Dr. Shawn Qu stated that this is their first venture in Mexico and first trade with Natixis. He added that the company has a pipeline of around 436 MWp solar projects in Mexico with PPAs, and looks forward to working with Natixis & and other financers to transform these projects into reality.

Reports cite that both Natixis & Canadian Solar have worked tirelessly to finalize the deal within a record period of two months – a significantly short time to conclude a non-recourse financing, showing their commitment & unique expertise in Aguascalientes solar project’s growth.

As claimed by sources, the project’s construction began in April this year, and is scheduled to start its operations by December 2018.