Canadian Solar: Non-Recourse Construction Loan
GUELPH, Ontario - Canadian Solar Inc. (CSIQ), one of the world's largest solar power companies, announced that Natixis, New York Branch/Norddeutsche Landesbank Gironzentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland," New York Branch will provide the company with up to C$53.5 Million (USD$44.4 Million) in non-recourse, construction plus term financing. The loan facility will finance the 10 MW utility-scale solar power project, "Illumination," located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Limited.
Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under Ontario's Feed-In-Tariff program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "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."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar 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. Furthermore, Canadian Solar is one of the most bankable companies in the world, having been publically listed on NASDAQ since 2006.