Canadian Solar announced on December 19th that it has secured GBP 49.3 million (US$62.8 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 megawatts in the United Kingdom. National Westminster Bank (NatWest), a subsidiary of RBS Group, is providing the 18.7-year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million (US$35.8 million).
"We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects" commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change."
Kevin Maddick, Structured Finance NatWest added: "We are proud to be able to support Canadian Solar with this solar power investment, which reinforces NatWest's position as a leading funder to the UK solar sector."