Canadian Solar Inc. has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide C$71.6 Million (USD$58 Million) in non-recourse, short-term construction financing to Canadian Solar for the construction of two solar power projects in Ontario, Canada. The two power plants, both 10 MW AC each, have been awarded a 20-year power purchase contract by the Independent Electricity System Operator (IESO) under Ontario's Feed-in-Tariff (FIT) Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "This is the fourth construction loan package that Canadian Solar has signed with Deutsche Bank, and we value and respect our long-standing relationship with this reputable financial institution. The addition of these two projects underscores not only our successful collaboration with Deutsche Bank, but also our contribution to expanding the use of clean solar energy in Canada."