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Bank of China lends Canadian Solar $122m for Ontario plants

Bank of China has agreed to stump up a C$120m ($122m) finance package to help Canadian Solar build PV projects in Ontario.

3 May 2012 13:20 GMT Updated 26 September 2016 14:37 GMT

By Andrew Lee, London

The loan facility – described by Canadian Solar as “ground-breaking” – will help finance the construction of projects in the province into 2014.

Last month Canadian Solar said it will acquire a majority stake in 16 Ontario solar projects, representing approximately 200MW, from SkyPower, a leading developer in Canada.

Canadian Solar will pay about C$185m for the projects, 15 of which have 20-year feed-in tariff (FIT) contracts.

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Bank of China lends Canadian Solar $122m for Ontario plants