Manufacturer's Life Insurance Company (Manulife) of has agreed to provide Canadian Solar with C$48 million in construction and term financing to it for the company's Val Caron solar power project located in Ontario, Canada. The Val Caron project is being acquired by Concord Green Energy Inc. BowMont Capital and Advisory acted as financial advisor to Concord Green Energy Inc.
Developed by Canadian Solar, the Val Caron solar power project has begun construction and will be connected in 2014. The project was awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We appreciate the support of Manulife, a leading financial services group, which boasts a successful history reaching back over 125 years. Both of our companies are based in Canada, and share a commitment to job creation, with a long-term view toward fostering a positive economic environment in Canada. This latest agreement will allow us to continue to the development of our highly attractive utility-scale pipeline in a financially prudent, shareholder friendly manner."