Canadian Solar gets $40m loan

PV group Canadian Solar has secured a loan of up to $40m to help finance its purchase of four projects in Ontario.

The company will get a one-year tenor loan from Credit Suisse.

At the end of 2012 Canadian Solar announced a four-plant, 46MW deal with SunEdison, with the option to purchase a fifth project from the US developer later.

Canadian Solar chief executive Shawn Qu says: "We continue to attract blue chip financial and construction partners across the entire project lifecycle. 

“We believe this validates the value of Canadian Solar's global scale, proven track record, and both project expertise and quality.”