May 2, 2014 - Canadian Solar today announced that the National Bank of Canada will provide the Company with C$115.5 million, in short-term construction financing. The credit facility will be used to support the construction of three solar power projects in Ontario, Canada, totaling 30MW.
The three solar power projects – "Sparkle Light" (Beaverton), "Good Light" (Kawartha Lakes) and "Lunar Light" (Belleville) – have all been awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under Ontario's Feed-In-Tariff Program. "Sparkle Light" and "Good Light" are already in construction and the construction of "Lunar Light" is planned to commence in July 2014. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.
"We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The strength and breadth of our broader global financing network directly reflects Canadian Solar's Tier 1 position in the solar industry, and is helping us to streamline and speed the development process."