Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that the National Bank of Canada will provide the Company with C$115.5 million, in short-term construction financing. The credit facility will be used to support the construction of three solar power projects in Ontario, Canada, totaling 30 MWac.
The three solar power projects – “Sparkle Light” (Beaverton), “Good Light” (Kawartha Lakes) and “Lunar Light” (Belleville) – have all been awarded a 20-year power purchase contract (the “FIT Contract”) by the Ontario Power Authority under Ontario’sFeed-In-Tariff Program. “Sparkle Light” and “Good Light” are already in construction and the construction of “Lunar Light” is planned to commence in July 2014. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.
“We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “The strength and breadth of our broader global financing network directly reflects Canadian Solar’s Tier 1 position in the solar industry, and is helping us to streamline and speed the development process.”
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improving the environment and dedicated to providing advanced solar energy products, solutions and services to enable sustainable development around the world.