Canadian Solar raises $53.5 M for 10 MW Illumination solar PV project

Canadian Solar Inc. has raised C$53.5 million (US$44.3 million) project financing for the development of the 10 MW Illumination solar photovoltaic (PV) project in Ontario, Canada.

Canadian Solar has announced that Natixis, Norddeutsche Landesbank Gironzentrale, Cooperative Centrale Raiffeisen-Boerenleenbank B.A., and Rabobank will provide C$53.5 million (US$44.3 million) in non-recourse, construction plus term financing.

The loan facility will finance the 10 MW utility-scale solar power project, "Illumination," located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Limited.

Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract (FIT) by the Ontario Power Authority under Ontario's Feed-In-Tariff program.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented,

"The closing of this loan exemplifies Canadian Solar's reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust."