Canadian Solar lines up financing for 10-MW Illumination project in Ontario

Canadian Solar (NASDAQ: CSIQ) on May 18 announced that financial parties including Natixis will provide the company with up to C$53.5 million (US$44.4 million) in non-recourse, construction plus term financing for the 10-MW Illumination project, located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Ltd.

Developed by Canadian Solar, this solar project is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract by the Ontario Power Authority under Ontario’s Feed-In-Tariff program.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: “The closing of this loan exemplifies Canadian Solar’s reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust.”

Founded in 2001 in Canada, Canadian Solar is a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions. It has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 10 GW of premium quality modules in over 70 countries around the world.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.