Canadian Solar gets USD 140m in funds for 49 MW of solar projects
Dec 3, 2012 - Solar power firm Canadian Solar Inc (NASDAQ:CSIQ) said Monday it had received CAD 139 million (USD 140m/EUR 107m) in construction funding for solar projects with total capacity of 49 MW in the province of Ontario.
The company will use the funds to develop five utility-scale solar farms which will be built and connected to the grid during the rest of 2012 and next year.
Under the agreement for the non-recourse, short-term funding signed with German lender Deutsche Bank (ETR:DBK), Canadian Solar will use proceeds of the sale of the financed projects to repay the loans. The solar parks will be sold to Canadian energy infrastructure company TransCanada Corp (TSE:TRP) under a sales agreement dated December 2011.
All five solar parks have 20-year power purchase agreements with the Ontario Power Authority under the province's feed-in-tariff programme.