Canadian Solar has signed a financing agreement with the Tokyo Branch of the Deutsche Bank for a JPY 12 billion (US$97.2 million) senior non-recourse project finance credit facility. The funds will be used for the construction of the companys 48 MWp Kumamoto Mashiki solar power plant in Japan.
The plant is expected to be operational in 2017 and will sell the generated energy to Kyushu Electric Power Co., Inc. under a 20 year PPA. Regarding Canadian Solars project activity in Japan, chairman and CEO, Shawn Qu commented, " our pipeline is maturing, and the construction of several valuable projects is ramping up, which positions us well to deliver solid results in the quarters ahead."
Under a separate agreement, Canadian Solar has secured a GBP 19.2 million ($29 million) term loan from the Royal Bank of Scotland to execute its plans to build seven solar PV plants in the U.K. totaling 38 MWp.
"We are pleased to announce the term loan facility with RBS that will support the construction of seven solar systems and expand our fleet of solar plants in the UK by 38 MWp, to 78 MWp," said Qu. No details were provided on the various projects.