Canadian Solar has announced that the Manufacturers Life Insurance Company (Manulife) has agreed to finance the 9 MW AC Aria solar power project in Ontario.
Manulife has agreed to provide approximately CAD$52.8 million (US$40.8 million) in construction and term financing to Canadian Solar.
Located east of the town of Elmvale in Springwater, Ontario, the project will have a generating capacity of approximately 9 MW of AC power. Between 30,000 and 100,000 photovoltaic (PV) panels in the range of 60 - 300 watts each will be installed on the site.
Construction is currently under way with grid connection expected to occur in Q4 2015.
The plant has received a contract from the Ontario Power Authority (OPA) for the sale of electricity generated through the province's Feed-in-Tariff (FIT) program.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, has commented:
"The closing of this loan demonstrates Canadian Solar's marketability and respect amongst financial intitutions. With one of the solar industry's highest bankability approval ratings, Canadian Solar again affirms its consistent track record as a leading project developer in North America."
The company also disclosed that the project will be acquired by Concord Green Energy after commercial operation. BowMont Capital and Advisory acted as financial adviser to Concord.
Canadian Solar is currently proposing to develop several solar photovoltaic projects in Ontario. The proposed projects range in size from 7 - 10 MW and are located in central, eastern and northern Ontario. The sites require approval from the Ontario Ministry of Environment (MOE) through the Renewable Energy Approval (REA) regulations.