Canadian Solar has closed a £36.4 million (US$52 million) project financing facility with BayernLB to refinance a portfolio of four solar power plants, totaling 40.2 megawatts in the UK.
This financing facility with BayernLB is non-recourse project finance, with a term of 17 years.
This announcement comes after Canadian Solar announced the appointment of Dr. Huifeng Chang, as Senior Vice President and Chief Financial Officer, effective May 22, 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, stated:
"We are delighted to complete this project financing facility with BayernLB. This facility underscores Canadian Solar's strength as a global tier-1 player that has broad support from international financial institutions. We look forward to continuing our partnership with BayernLB to support the sustainable growth of our global project business."
Founded in 2001 in Canada, Canadian Solar is a manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of modules in over 90 countries around the world.