Canadian Solar to receive $58 mn loan from Deutsche Bank

By Editor


Canadian Solar is to receive 71.6 million Canadian dollars ($58 million) under a financing agreement with Deutsche Bank.

The German bank has agreed to provide the non-recourse, short-term construction loan to Canadian Solar for the development of two solar projects in Ontario, Canada.

Also, Independent Electricity System Operator (IESO) has signed a 20-year power purchase agreement with Canadian Solar from the 10-MW (AC) projects under Ontario’s Feed-in-Tariff (FiT) program.

Previously, Canadian Solar had received construction loans from Deutsche Bank thrice.

In May, Canadian Solar received a 53.5-million-Canadian-dollar($44.4 million) non-recourse, construction plus term-financing loan from Natixis, Norddeutsche Landesbank Gironzentrale, Cooperative Centrale Raiffeisen-Boerenleenbank BA and Rabobank Nederland.

The company planned to use the financing to develop “Illumination”, a 10-MW utility-scale solar power project located in the town of Scugog, Ontario. The project is to be acquired by DIF Infra 3 RE Canada Limited.

The solar power plant is expected to go into commercial operation by the fourth quarter this year.

And Ontario Power Authority has signed a 20-year power purchase agreement with the company under the Feed-in-Tariff program of Ontario.

Founded in 2001 in Canada, Canadian Solar has successfully deployed more than 10 GW of modules across 70 countries around the world. And the company was publicly listed on NASDAQ in 2006.

Ajith Kumar S

[email protected]

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