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.