Canadian Solar has secured a €55m financing deal with Intesa Sanpaolo to fund the construction of a 151MW portfolio of solar projects in Italy.

The bilateral revolving credit facility will fund 12 projects in Sicily, Apulia and Lazio.

The first projects of the portfolio are expected to break ground in the third quarter of this year.

Canadian Solar said the portfolio will be among Italy's first subsidy-free utility scale PV projects and will used the company's HiKu CS3W-425 modules and its EPC capabilities.

The projects are expected to generate approximately 287 gigwatt-hours of solar power a year once operational.

Canadian Solar chairman and chief executive Shawn Qu said: “Canadian Solar has always been standing in solidarity with our employees, customers and partners around the world.

“By securing this project construction financing, we are committed to, and will continue to invest in the Italian solar market during this challenging time.

“I appreciate Intesa Sanpaolo's trust in Canadian Solar and its support for solar energy development.

“Italy is an important energy market where subsidy-free solar energy is already competitive with conventional sources.

“Meanwhile, Italy is expected to be one of the fastest growing solar energy markets in Europe given the size of its economy and abundant solar resources.

“Canadian Solar is well positioned to play a role in achieving the goal of building a carbon-neutral future.”

Canadian Solar has been active in the Italian subsidy-free market since 2018, and has now over 900MW of project pipeline under permitting.