Canadian Solar signs financing agreement

Canadian Solar Inc. (NASDAQ: CSIQ) has announced that it has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide $139 million in non-recourse, short-term construction financing to Canadian Solar for the construction of solar power projects in Ontario. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.

The loan facility is intended to support the simultaneous construction of five utility-scale solar power plants totaling 49 MW AC.  Developed by Canadian Solar, the projects are expected to be built and connected through 2012 and 2013.  All of the projects have been awarded a 20-year power purchase contract by the Ontario Power Authority under Ontario's Feed- In-Tariff Program. As a part of Canadian Solar's turnkey solar solutions, these projects will be acquired by TransCanada Corp. in accordance with the sales agreement announced in December of 2011.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...