Ontario, Canada, -based solar power company Canadian Solar is receiving non-recourse, construction plus term financing to the tune of $44.4 Million (53.5 million Canadian dollars).
The company is to use the funding to develop a 10-megawat utility-scale solar power project at Scugog in Ontario.
According to a statement issued by Canadian Solar on Monday, Natixis, New York Branch; Norddeutsche Landesbank Gironzentrale, New York Branch; Cooperative Centrale Raiffeisen-Boerenleenbank BA and “Rabobank Nederland” New York Branch are providing the loan.
The power project, “Illumination”, is to be acquired by DIF Infra 3 RE Canada Limited. Illumination is expected to go into commercial operation by the fourth quarter.
The Ontario Power Authority has signed a 20-year power purchase contract with the facility based on the existing Feed-in Tariff in force in Ontario.
Last month Canadian Solar powered four projects with total capacity of 40.2 MWp in the United Kingdom.
The projects are: Hoplass Solar Park, Pembroke (10.3 MWp); Christchurch Solar Park, Christchurch (18 MWp); Coombe Solar Park, Devon (7.3 MWp) and Moat Farm Solar Plant, Retford (4.6 MWp).
They have all employed using 60 cell solar modules called CS6P-250|255|260P.
The solar farms became eligible for the 1.4 Renewable Obligation Certificate as they started operations before March 30. The company was expecting addition of two more solar projects in this quarter.
Cumulatively, the six solar projects are expected to produce about 50,183 megawatt-hours of electricity a year. These will displace roughly 38,140 metric tons of carbon dioxide a year, which is the equivalent of removing over 7.2 million cars from roads in the United Kingdom.
Canadian Solar has built a portfolio of 9 megawatts of solar projects over the past 14 years across more than 70 countries around the world.
Ajith Kumar S
editor@greentechlead.com