Canadian Solar secures GBP 49.3m to refinance 50 MW UK solar portfolio

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.