Canadian Solar secures $139m loan agreement with Deutsche Bank
Photovoltaic module developer Canadian Solar has secured a $139m loan agreement from Deutsche Bank for the construction of five power projects in Ontario, Canada.
The five utility-scale solar power plants will have a total installed capacity of 49MW and are expected to be operational through 2012 and 2013.
Canadian Solar is the developer of the said projects with Ontario Power Authority expected to purchase the power generated from the projects under a 20-year power purchase agreements.
Commenting on the funding Canadian Solar chairman and chief executive officer Shawn Qu said that an efficient financial partner will enable the development of their robust project pipeline.
"We have systematically grown Canadian Solar's project pipeline and total solutions business over the past few years by leveraging our global brand, established project infrastructure and excellent support services.
"Our current and prospective project partners will now have even higher confidence in working with Canadian Solar as we continue to successfully execute on our growth strategy," added Qu.
TransCanada Corporation will acquire the said projects in line with the sales agreement announced in December 2011.