Canadian Solar receives C$48 million financing


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.

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Your email address will not be published.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.