Canadian Solar Inc. has announced that Manufacturer's Life Insurance Company (Manulife) has agreed to provide approximately C$51 million (US$46 million) in construction and term financing to Canadian Solar for the RayLight solar power plant in Wyebridge, Ontario, Canada.
The RayLight project will be acquired by Concord Green Energy Inc.. after commercial operation. BowMont Capital and Advisory acted as the financial advisor to Concord.
Developed by Canadian Solar, the 10 MW (AC) RayLight solar power plant is under construction and grid connection is expected during the fourth quarter of 2014.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. stated:
We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group. The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally. We look forward to the completion and grid connection of the RayLight solar power plant.
Last week Canadian Solar Inc. announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., closed the sale of 3 Canadian solar power plants, William Rutley, Liskeard 3 and Liskeard 4, totaling 30 MW AC and valued at over CAD$180 million (US$161.2 million) to TransCanada Corporation.