Canadian Solar Inc., one of the world's largest solar power companies, today announced that it has signed a RMB270 million (US$44.1 million) loan agreement with China Development Bank. The loan facility has a fifteen-year maturity, including one year grace period and will be used to finance the construction of a 30MW solar project and its ancillary facility in the western part of China.
"Our new credit agreement is a testament to Canadian Solar's recognition as a global leader in the utility-scale solar power plant business. We are delighted to have the support of China Development Bank as we continue to execute on our goal to generate over 50% of our revenue from total solutions, which include solar power project development, engineering, procurement and construction (EPC) services, and residential solar system kit sales," said Dr. Shawn Qu, Canadian Solar's Chairman and Chief Executive Officer.