Canadian Solar scores $94m from CDB for SkyPower acquisition

The China Development Bank (CDB) is loaning Canadian Solar C$93m ($93.8m) to help fund a major project pipeline acquisition, announced earlier.

The loan, which matures in five years, will fund half of the planned purchase of SkyPower's 190-200MW Ontario solar project pipeline.

Canadian Solar – headquartered in Canada, but with most operations including manufacturing in China – is trying to grow its "total solutions" business, including project development, to 40% of revenue.

Its projects business is expected to account for 25% of revenue this year, up from 10% in 2011.

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