Canadian Solar has announced that Manufacturer’s Life Insurance Company (Manulife) will provide C$51 Million in construction and term financing for the RayLight solar power plant located in Wyebridge, Ontario, Canada.
The RayLight project will be acquired by Concord Green Energy once the commercial operation begins. BowMont Capital and Advisory were the Financial Advisor to Concord.
Developed by Canadian Solar, this 10 MW (AC) RayLight solar power plant is under construction. The grid connection is expected during the fourth quarter of 2014.
The build-out of utility-scale solar project pipeline in Ontario remains on schedule and company continue to further consolidate the leadership position and establish Canadian Solar as a leader in the project development space globally, said, Shawn Qu, chairman, CEO, Canadian Solar.
Recently, Canadian Solar has provided an update on the status of its Japanese pipeline on the wake of announcements by Kyushu Electric Power to temporarily suspend grid connection approval pending evaluation of their respective grid capacity availability.
As confirmed earlier, Canadian Solar’s utility-scale project pipeline in Japan was of 405 MW capacity by the end of second quarter 2014.