Canadian Solar refinances 40.2-MW UK solar portfolio
Whitley Solar Farm sheep. Source: British Solar Renewables. License: Creative Commons, Attribution-ShareAlike 2.0 Generic via flickr.
Canadian Solar Inc (NASDAQ:CSIQ) has agreed GBP-36.4-million (USD 52.7m/EUR 47.1m) refinancing for 40.2 MW of solar power plants in the UK, the photovoltaic (PV) panels maker said today.
The facility to refinance the portfolio of four plants has been obtained from Germany's BayernLB. It represents non-recourse project finance and has a term of 17 years.
Canadian Solar last month said it has connected six solar facilities with a combined capacity of 39.4 MWp to the grid in the UK and now had 103 MW of operating solar power plants in the country.
Earlier in May, the company reported an attributable net profit of USD 22.6 million (EUR 20.2m) for the first quarter of 2016, down 63.13% year-on-year. It also revised its projected 2016 revenue range to USD 3 billion-3.2 billion from USD 2.9 billion-3.1 billion as it expects to sell some of its solar project holdings in the second half of the year.