Ontario: Canadian Solar obtains Bank of China loan facility; Sanmina-SCI to manufacture Satcon’s inverters03. May 2012 | Applications & Installations, Industry & Suppliers, Products | By: Becky Stuart
Canadian Solar Inc. and the Bank of China, New York Branch have signed a construction financing agreement worth CAD$120 million for the establishment of solar power plants in Ontario, Canada. In related news, Sanmina-SCI will manufacture Satcon’s inverters in Ottawa.
In a statement released, Canadian Solar said the loan facility will be used towards the construction of company-owned power plants in the province. It added that they are expected to come online between 2012 and 2014.
"This agreement ... represents an important step towards our goal of generating over 40 percent of our revenue from total solutions in 2013 and beyond," commented Shawn Qu, chairman and CEO.
No further details were released at this time.
In related news, Satcon Technology Corporation has finalized a strategic manufacturing agreement together with Sanmina-SCI Corporation, in order to manufacture its solar inverters. The aim is to comply with Ontario’s feed-in tariff program.
Under the terms of the agreement, Sanmina-SCI has said it will manufacture Satcon’s PowerGate Plus 50 kilowatt, 100 kilowatt, 250 kilowatt, and 500 kilowatt inverters, and its Prism Platform solutions in Ottawa.
"The Canadian Solar market has developed steadily over the past three years and is poised for significant growth in the future," said Pete DeGraff, Satcon's Executive Vice President of Worldwide Sales, Services and Marketing.
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