China-based PV module manufacturer JA Solar is providing 300MW of its modules for a Brazil PV project to be developed by Italian power giant Enel.
The modules received US$145 million credit insurance from the China Export & Credit Insurance Corporation, making JA Solar the first PV manufacturer globally to get buyer’s credit insurance from this company.
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The bank of China and Banco Santander financed the purchase of the modules, while Enel provided a loan guarantee.
“This transaction demonstrates that the financial community recognizes the quality and reliability of JA modules, and that they feel confident in committing large amounts of capital to JA-powered projects,” said Jian Xie, president of JA Solar. “This transaction represents an important milestone for solar project development in emerging economies, because it is a model for financing structures that can reduce the cost of capital and accelerate the pace of development. We look forward to seeing this financing model support further solar deployment in Brazil and other emerging markets.”