Credit Suisse provides $40 million loan to Canadian Solar


The one year tenor loan will be used to finance the acquisition of four photovoltaic projects in Ontario from SunEdison.

On December 28, Canadian Solar completed a purchase and sale transaction with SunEdison, whereby Canadian Solar Solutions Inc. acquired a majority interest in two utility-scale photovoltaic plants totaling around 24 MW DC. The company said at the time that subject to certain contractual agreements, it may also purchase a further two plants worth 22.5 MW.

A spokesperson confirmed today that the loan will cover the four plants, worth $38 million. There is also the option to purchase a fifth plant at a later date.

All five projects are said to have secured 20 year PPAs with the Ontario Power Authority. Meanwhile, construction on the two projects worth 24 MW collectively is expected to begin early this year, and be completed by late 2013. The remaining three projects are said to be in the advanced permitting stages, and are hoped to be operational between late 2013 and early 2014.

"The completion of the transaction also brings a settlement to litigation proceedings between Canadian Solar and SunEdison commenced in the Ontario courts in October 2011," said Canadian Solar in the December statement.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.