The facility will provide exports to North America, according to Canadian Solar President & CEO Shawn Qu, whilst creating local employment in the eastern Thai province of Chonburi.
The Chinese Tier 1 PV manufacturer is likely to be one of the hardest hit by new import duty rates applied to imports to the U.S. from China. Modules produced at facilities outside of China however, will not be affected.
SCB is the third largest lender in Thailand by assets, and plans to double its lending to Chinese investors, which currently stands at THB 15 billion (US$ 423 million), over the next three years.
Canadian Solar has secured finance for several other projects worldwide in recent months, including GBP 49.3 million (US$59 million) to develop projects in the UK, and JPY 9.6 billion (US$95 million) from a Japanese syndicate to fund projects in Japan.