Canadian Solar, the Chinese Tier 1 solar PV developer, has confirmed today that it has secured £49.3 million ($62.8 million) in loans from British bank NatWest for the refinancing of 10 solar PV parks in the U.K. with a combined capacity of 50 MW.
The non-recourse team loan has an 18.7 year payback term, and Canadian Solar has said that part of the proceeds will be used to repay a construction loan of £28.1 million ($35.8 million).
Canadian Solar CEO and chairman Shawn Qu remarked that the deal “demonstrates yet again the quality and bankability of our solar power projects”, adding: “We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the U.K. to help mitigate climate change.”
NatWest’s structured finance representative Kevin Maddick added that the deal reinforces NatWest’s position as a leading funder to the U.K. solar sector.
Canadian Solar has been a proactive developer of British solar farms, surpassing 60 MW of installed capacity at the beginning of the year and overseeing a current pipeline of around 20 MW additional capacity due to be brought online in 2017.
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: firstname.lastname@example.org.