Canadian Solar Inc (NASDAQ:CSIQ) said Tuesday that it has closed a financing facility for BRL 500 million (USD 96.6m/EUR 81.7m) to back the development and construction of solar power projects in Brazil.

The facility is being extended by Brazilian lenders Banco BTG Pactual SA (BVMF:BPAC11) and Itau BBA, part of banking group Itau Unibanco Holding SA (BVMF:ITUB4), which are also serving as financial advisors to the solar energy company’s portfolio in the country.

The money will be used to fund up to 70% of Canadian Solar’s equity contributions in a subset of its Brazilian project portfolio, the company said without giving specifics.

Its Brazilian track-record includes developing and contracting close to 3 GWp of solar projects in federal, regional and private power purchase agreement (PPA) auctions. Of these, 480 MWp are in operation and sold to third parties, and 483 MWp are under construction with 80% interest already sold.

An additional group of projects totalling 2 GWp is under development, benefiting from PPA contracts, Canadian Solar said.

It further added that the financing facility would support the plan to set up a publicly listed vehicle with, structured as a FIP-IE fund, with operating projects, depending on market conditions.