According to a statement released, the funds will be used to finance the companys $185 million majority interest acquisition in 16 of the former SkyPower Limiteds photovoltaic projects, worth between 190 to 200 MW. In June, Canadian Solar announced that a partial payment of US$68 million had been made.
Commenting, chairman and CEO, Shawn Qu said, "Our new credit agreement underscores Canadian Solar’s bankability and strong competitive position. We are pleased to have the support of one of the world’s largest banks as we continue to execute on our business and advance our goal to generate 40% of our revenue from total solutions."
The 16 photovoltaic projects have already secured 20-year PPAs with the Ontario Power Authority. While they are currently in the permitting stage, construction is slated to start in 2013, and operations in 2014.
Canadian Solar and SkyPower further announced the formation of a joint venture, CSI SkyPower at the same time as the handover of the 16 projects. The goal of the new company is to develop projects in Africa, the Middle East and South America.