A US$20 million (MOP160 million) funding has been disbursed by the Fund for Development Co-operation between China and the Portuguese-speaking Countries (CPDFund) for the ‘development of eligible projects in Brazil,’ including a clean electricity project in the Brazilian city of Minas Gerais, to Canadian Solar – according to a company press release.
The funding of the project – mentioned in the Fund’s description available on the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (also known as Forum Macau) – was initially for a project set to generate 200MW of electricity.
According to the release by the company the project is ‘currently under construction,’ with the conclusion date expected to be ‘in the third quarter of 2017’. In addition, the project will now provide, once fully operational, 391.3 GWh per year, ‘enough to meet the annual energy needs of more than 200,000 Brazilian households and avoid 229,000 tonnes of carbon dioxide emissions.’
Canadian Solar is a Nasdaq-listed, Canadian-based, company that saw US$3.5 billion in revenues in 2015, while delivering 4.7 GW of solar modules the same year. It manufactures photovoltaic modules and is a ‘provider of solar energy solutions.’
“This milestone funding from the CPDFund cements our collaboration towards the CPDFund’s investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide,” notes chairman and CEO of the company- Dr. Shawn Qu. “We look forward to more opportunities to co-operate with state-owned enterprises and institutional investors in China to boost solar energy growth globally.”
The CPDFund was announced in October of 2010 by then-Premier of the State Council, Wen Jiabao, at the 3rd Ministerial Conference of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking countries.
The Fund was officially founded on June 26, 2013 with a ‘specialised management team’ put in place to lead it. An initial capital injection of US$125 million was put into it, with a further US$875 million to be injected in a second phase.
The fund is co-managed by the China Development Bank Capital Corporation Limited (CBD Capital) and the Macau Industrial and Commercial Development Fund, with the support of the China-Africa Development Fund.
Last October, at the 5th edition of the Ministerial Conference, it was announced that the US$1 billion fund would be moving its headquarters to the MSAR; however, a timetable has yet to materialise.
No responses to requests for information from the CPDFund or the China-Africa Development Fund had been received by the time this story went to print.
In response to Business Daily enquiries, the Consulate General of Canada noted that, although “not involved in this particular deal, we are pleased to learn that, as the Government of Canada works to enhance our relationship with trading partners, Canadian companies are similarly increasing their global reach.”
In addition, the Consulate reiterates its stance towards open global trade.
“Expanding trade and investment with large, fast growing markets, including China, is a priority of the Government of Canada. That is why we have entered into exploratory discussions with the Chinese authorities to discuss a possible trade agreement. Canada’s Trade Commissioner Service remains actively engaged in supporting Canadian companies and their business development efforts internationally,” the Consulate General stated.