Canadian Solar nails $43m for build

Canadian Solar has nailed down a C$48m ($43.5m) pot of financing to construct its 14MW Val Caron PV project in Ontario, as the “total solutions” unit continues to drive the company’s growth.

The construction and term financing comes from Canada-based Manufacturer’s Life Insurance Company.

Val Caron, located near the city of Sudbury, is one of five utility-scale arrays which Canadian Solar last year agreed to sell to – and build for – the green-energy arm of Concord Pacific, the Vancouver-based real-estate developer.

Two of those five arrays – Val Caron (formerly known as Highlight) and Mighty Solar – are under construction and due for completion during the second quarter, while the other three will be brought on line over the course of the next year.

The success of Canadian Solar’s downstream development and EPC business, which is centred in Canada, has helped lifts its market valuation far beyond any of its China-based PV manufacturing rivals, most of which are now building their own projects businesses of their own.

Canadian Solar, which yesterday reported a full-year profit for 2013, is today more than twice as valuable as Yingli Solar, the world’s largest module supplier.

Canadian Solar’s total solutions business accounted for 29% of its revenues last year, up from 11.5% in 2012, and the company believes it will account for half of revenues in 2014 – even as it expects to sell up to 2.7GW of modules.

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