Canadian Solar secures $140m finance for 50MW in Ontario

Canadian Solar chief executive Shawn Qu

Canadian Solar has bagged a C$139m ($140m) financial package to build nearly 50MW of ground-mounted PV capacity in Ontario, adding a jolt of activity to a market that has largely failed to live up to expectations.

The money – comprising non-recourse, short-term construction financing from Deutsche Bank – will see Canadian Solar build five utility-scale projects by the end of 2013, all of them set to benefit from Ontario’s feed-in tariff (FIT) and a 20-year power purchase agreement.

Canadian Solar, which performs most of its manufacturing in China but also maintains a 200MW module plant in Ontario, was the biggest winner in Ontario’s FIT bonanza several years ago, winning contracts for more than 300MW of capacity.

In addition to building its own projects, the company is also Log in to read complete article.

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