Manulife backs Canadian Solar again

Canadian Solar has nailed down a C$50.5m ($45.7m) follow-on pot of construction and term financing from Canada’s Manufacturer’s Life Insurance Company (Manulife), this time for its under-construction 10MW Mighty Solar array.

Only last month Manulife handed Canadian Solar loans worth C$48m for its 14MW Val Caron project, which like Mighty Solar is under construction in the province of Ontario and due for completion during the second quarter of 2014.

Both projects fall under Ontario’s feed-in tariff programme.

Mighty Solar and Val Caron represent two of five utility-scale PV arrays profit-making Canadian Solar last year agreed to build for, and sell to, Concord Pacific, the Vancouver-based real-estate developer.

Despite conducting most of its manufacturing in China, Canadian Solar continues to expand its presence and influence in Ontario, where it is headquartered.

Last month the company, among the world’s largest module suppliers, opened its second factory in Ontario – this one as part of its broader arrangement with Samsung in the province.