Canadian Solar receives C$48 million financing

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Global solar company Canadian Solar has today revealed details of a C$48 million (US$43.5 million) finance package from Manufacturer’s Life Insurance Company (Manulife) to help fund its Val Caron PV project.

The Val Caron solar power plant is located in Ontario, Canada, and is set to be acquired by Concord Green Energy Inc., a local renewable energy company.

Manulife has agreed to provide fund the project’s construction and term financing, a project that was initially developed by Canadian Solar last year.

Construction of the Val Caron PV plant has now begun, with a connection date penciled in for later this year. The Ontario Power Authority has agreed to a 20-year PPA for the plant’s solar energy under the terms of Canada’s feed-in tariff (FIT).

"We appreciate the support of Manulife, a leading financial services group, which boasts a successful history reaching back over 125 years," said Canadian Solar CEO and chairman, Shawn Qu. "Both of our companies are based in Canada, and share a commitment to job creation, with a long-term view toward fostering a positive economic environment in Canada.

"This latest agreement will allow us to continue the development of our highly attractive utility-scale pipeline in a financially prudent, shareholder-friendly manner."

The announcement comes just one day after Canadian Solar published a positive set of financial results for the fourth quarter of 2013, and the entire fiscal year 2013, which saw the company return to profit.