Canadian Solar secures financing for projects in the UK

Canadian Solar Inc. has signed a financing agreement pursuant to which Royal Bank of Scotland (RBS) has agreed to provide a GBP19.2 million (US$29 million) term loan to Canadian Solar for the construction of seven solar power plants with a total installed capacity of 38MWp in the United Kingdom. 

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

"We are pleased to announce the term loan facility with RBS that will support the construction of seven solar systems and expand our fleet of solar plants in the UK by 38 MWp, to 78 MWp. We are also pleased with the execution of our Energy business plan across all of our key markets as we continue to successfully develop, finance and build high quality solar energy assets in low risk geographies."

We have recently reported that Canadian Solar announced that its wholly owned subsidiary, Recurrent Energy, closed on a combined construction and term debt facility, with a syndicate of five banks, for the 157.5 megawatt (MW) ac/ 212 MWp Roserock solar project in Texas.

Additionally, Canadian Solar signed in July, a JPY3.5 billion credit facility agreement with Rabobank Hong Kong for the development of solar power plants in Japan.