A group of banking institutions signed to provide Canadian Solar with up to C$53.5 million (approximately US$44.4 million) in non-recourse, construction loan. A 10MW utility-scale solar project, “Illumination,” located in Ontario will be financed.
Natixis, New York Branch/Norddeutsche Landesbank Gironzentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland," New York Branch are the banking institutions took part in the financing project. Developed by Canadian Solar, the solar power plant “Illumination” is expected to be in commercial operation by the fourth quarter of 2015. The project is being acquired by DIF Infra 3 RE Canada Limited, and has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under Ontario's Feed-In-Tariff program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The closing of this loan exemplifies Canadian Solar's reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust."