Canadian Solar wins financing for Ontario plant


The financing will be supplied to Canadian Solar by the Manufacturer’s Life Insurance Company for the project situated in the counties of Stormont, Dundas, and Glengarry that reside in the North Dundas township. The plant itself has a capacity of 10 MW with connection expected in the next few months. Following commercial operation, the plant will be acquired by Concord Green Energy.

Dr. Shawn Qu, chairman and CEO of Canadian Solar, said, "Canadian Solar's scale and track record of both execution and quality continues to help attract both world-class financial partners, like the Manufacturer’s Life Insurance Company, and sought after end buyers, like Concord. We are now firmly established as one of the power industry's fastest growing companies, with one of the largest global project development pipelines, spanning Canada, the U.S., China, Japan, and other developing markets.”

The Canadian province of Ontario has become something of a hotbed for the solar industry with Canadian Solar last week selling its Little Creek plant to BluEarth Renewables in a deal worth CAD $53m. And, in December last year, the company sold its 10 MW Mississippi Mills plant in Ontario to TransCanada in a deal worth CAD $61m. That plant was the fourth of nine such plants being built for TransCanada in a venture that will yield a total capacity of 86 MW. The first three plants, located in Brockville and Burritts Rapids, have already been sold to TransCanada in the beginning of a deal worth a reported CAD $470 million.

Popular content

The growth of Ontario’s power industry can be attributed to the province’s attitudes towards renewable energy. Last year, the Ontario Power Authority predicted that nearly half of the province’s energy would come from renewables by 2025. OPA’s Long Term Energy Plan extended the phasing-in of renewable energy sources by three years. The current proportion of energy supplied through renewables in Ontario is 28%. This is expected to have risen to 46% by 2025.

Ontario Power Authority, under Ontario's Feed-In-Tariff Program, awarded the North Dundas project a two-decade power purchase contract. Bowmont Capital and Advisory acted as the financial adviser to Concord.

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.