Canadian Solar funds Ontario plants
Canadian Solar says it has obtained C$115.5m ($105.2m) in short-term construction financing from the National Bank of Canada to support build-out of three Ontario solar projects totaling 30MW (AC).
The three solar power projects – Sparkle Light, Good Light and Lunar Light - have each been awarded 20-year power purchase contracts by the Ontario Power Authority under the provincial feed-in tariff program.
Sparkle Light and Good Light are in construction with work on Lunar Light scheduled to begin in July.
Canadian solar expected to repay the loans with proceeds from the sale of the projects.
"We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record," says chief executive Shawn Qu.