Canadian Solar Subsidiary Secures $275 Million Solar Project Financing

 Canadian Solar Subsidiary Secures $275 Million Solar Project Financing

Canadian Solar Inc. (NASDAQ: CSIQ) said its wholly owned subsidiary, Recurrent Energy, closed on debt financing for a solar power project in Texas.

KeyBank and five other banks will provide approximately $275 million in project-level construction debt, LC facilities and a back-leveraged term facility for the 157.5-MWac/212-MWp Roserock solar project.

The project is currently under construction using 700,000 Canadian Solar CS6X-P photovoltaic solar modules.  It's expected to begin commercial operation in late 2016.

The electricity generated will be sold to Austin Energy under a 20-year power purchase agreement.

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