Canadian Solar closes UK refinancing deal, signs 105 MW O&M contract in Canada

Representing its third such deal in the U.K., the Chinese solar giant has closed a GBP41.9 million non-recourse project finance facility with BayernLB for a portfolio of solar PV projects totaling 52.2 MW, which were installed under the country’s Renewable Obligation Certificate (ROC) scheme.

“Financing for the portfolio was structured at the U.K. portfolio holding company level, with no recourse to Canadian Solar, and has a long-term tenor of 17 years,” said Canadian Solar in a statement released.

In May 2016, the two parties entered into a similar agreement worth £36.4 million for four power plants totaling 40.2 MW.

In related news, Canadian Solar has signed an O&M agreement with Axium Infinity Solar LP for eight PV plants in Ontario, Canada, totaling 105.5 MW. The company will be responsible for plant monitoring, performance management, preventative maintenance, and corrective maintenance.

The deal has brought its O&M portfolio to 497 MW.

At the end of 2017, Canadian Solar announced it had received an offer of privatisation from chairman, president and CEO, Dr. Shawn Qu. A special committee has been formed to consider the proposal.