Canadian Solar in Japan, Mexico joy

PV manufacturer Canadian Solar has tied up finance to press on with development of 145MW in Japan and unveiled an 8.7MW supply deal in Mexico.

Canadian Solar signed a $40m, three-tranche agreement with Harvest North Star Capital to fund the Japanese ground-mount projects, with 40-50MW of the total expected to begin construction in the first half of 2014.

CEO Shawn Qu said: “This loan agreement demonstrates that we are on track to execute on our Japanese solar project pipeline, consolidate our position as a leading solar energy solutions provider on a global basis, and extend the visibility into our business results well into the future."

Canadian Solar separately announced that it will deliver 8.7MW of its MaxPower CS6X modules to developer EOSOL Mexico for a ground-mount project in Durango – the country’s second-biggest PV project yet, according to the supplier.

The delivery will equip the first phase of a planned 200MW project, with the initial megawatts due to come online early next year.

Canadian Solar does the majority of its manufacturing in China, and was one of a handful of the country's PV heavyweights to swing back into profitability in the third quarter of 2013.