Canadian Solar has signed a 15-year, $40 million loan facility with the state-owned Bank of China to finance the construction of a 30 MW solar project at an unspecified location in western China.
The move is part of Canadian Solar CEO Dr Shawn Qu's previously stated aim of securing more than half the Chinese company's revenue from downstream projects under its ‘total solutions' business.
Last week's first quarter results showed the total solutions business accounted for 19.2% of revenue, up from 12.8% in the last three months of 2012.
The emphasis on downstream services and burgeoning demand in Asia helped the company staunch its quarterly losses to $4.4 million compared to $21.3 million for the same period of 2012.
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