Canadian Solar announced it has won CAD$104 million in non-recourse, short-term construction financing from Deutsche Bank for the construction of solar power projects in Ontario, Canada.
The loans, which will support the simultaneous construction of 3 solar power plants, totaling 30 MWac, are expected to be repaid with the proceeds of the sale of the respective financed projects.
Developed by Canadian Solar, the projects are expected to be built and connected through 2014. All of the projects have been awarded a 20-year power purchase contract by the Ontario Power Authority under the Ontario’s Feed-In-Tariff Program.
This is the second construction loan package Canadian Solar signed with Deutsche Bank.
Shawn Qu, chairman and chief executive officer of Canadian Solar, said, the continued partnership underscores the strength of Canadian Solar’s Tier 1 position in the solar industry and its prospects for profitable growth. “The support of global financial institutions, like Deutsche Bank, allows us to expand our actionable pipeline of the quality projects which our investors would like to acquire.”
Canadian Solar wins contract to supply modules to Saudi Aramco’s solar power project
Recently Canadian Solar has been awarded a contract to supply 1.78MW to Saudi Aramco’s King Abdullah Petroleum Studies and Research Center (KAPSARC) solar power project in Saudi Arabia.
Saudi Arabian Oil Company, the world’s largest crude oil producer, awarded the contract to supply its high quality solar panels to the extension of the KAPSARC Solar Power Project which, once completed, will be largest ground mounted solar photovoltaic power plant in Saudi Arabia.