Monday, May 5, 2014

Canadian Solar nails build loans

Canadian Solar has clinched C$115. 5m in loans for the construction pertaining to three PV projects totalling 30MW in Ontario.

The cash from Native Bank of Canada will home the Sparkle Light scheme in Beaverton, the Good Light project at Kawartha Lakes and the Lunar Light houseplant at Belleville.

The loans are anticipated to be repaid with the proceeds from someone buy of the completed projects, Canadian Photovoltaic said.

Crews are already on the time at Sparkle Light and Optimistic Light and construction is planned to kick off at Lunar Lights in July.

"We appreciate the prolonged support of the National Bank pertaining to Canada. This is the second construction financial loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and positive track record, " said Canadian Photovoltaic chairman Shawn Qu (pictured).

The entire group PV schemes have been awarded 20-year power purchase agreements by the Ontario Power Authority under the province's Feed-In-Tariff Program.

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