Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that Manufacturer’s Life Insurance Company (“Manulife”) has agreed to provide approximately C$51 Million (US$46 Million) in construction and term financing to Canadian Solar for the RayLight solar power plant located in Wyebridge, Ontario, Canada. The RayLight project will be acquired by Concord Green Energy Inc. after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord.
Developed by Canadian Solar, the 10 MW (AC) RayLight solar power plant is under construction and grid connection is expected during the fourth quarter of 2014.
“We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group. The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally. We look forward to the completion and grid connection of the RayLight solar power plant,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada’s first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success of sustainable communities of the future. Concord Green Energy has projects at various stages of planning, development and operation acrossCanada. Some projects of note include; Red Lily I in Saskatchewan, ROR Project in BC and a consolidation of solar farms in Ontario.
Image:Barrie, Ontario is the largest community located near the small town of Wyebridge where the RayLight Solar Power Plant will be located.