Canadian Solar Inc. says it has set up the Brazilian Participation Fund for Infrastructure to pay for solar power projects being pursued in Brazil between now and 2023.

Canadian Solar set up last month an equivalent fund, the Japan Green Infrastructure Fund, to finance projects in Japan, and it is making similar arrangements to finance projects in several European countries, according to a written statement the company issued last week.

In the fourth quarter of 2020 Canadian Solar shipped photovoltaic modules with a combined capacity of 3 gigawatts to over 70 countries, China being its second-biggest market and Brazil its fourth-biggest, the company says.

Last April Canadian Solar said it had obtained US$30 million from the China-Portuguese-speaking Countries Cooperation and Development Fund in Macao to build solar farms in Brazil.