Canadian Solar said Manufacturer’s Life Insurance Company (Manulife) has agreed to provide C$48 million in construction and term financing to Canadian Solar for the Company’s Val Caron solar power project located in Ontario, Canada.
The Val Caron project is being acquired by Concord Green Energy. BowMont Capital and Advisory acted as financial advisor to Concord Green Energy.
Developed by Canadian Solar, the Val Caron solar power project has begun construction and will be connected in 2014. The project was awarded a 20-year power purchase contract (the “FIT Contract”) by the Ontario Power Authority under the Ontario’sFeed-In-Tariff Program.
Shawn Qu, chairman and chief executive officer of Canadian Solar, said the agreement allows them to continue the development of its attractive utility scale pipeline in a financially prudent, shareholder friendly manner.
During the fourth quarter of 2013, Canadian Solar recorded net revenue of $519.5 million as against the $490.9 million in the third quarter of 2013.
Solar module shipments were 621 MW, compared to 478 MW in the third quarter of 2013.
Gross profit in the fourth quarter of 2013 was $101.3 million, compared to $100.2 million in the third quarter of 2013 and $14.9 million in the fourth quarter of 2012, the company said.