US Ex-Im Bank awards over $455 million in loan guarantees to First Solar to build Ontario PV plants

Financials

  • FSLR
    NASDAQ
    56.27
    +1.52 (2.78%)
    4:00PM EDT

The US Export-Import Bank will provide First Solar with $455.7 million of loan guarantees to construct a pair of solar PV power projects in Ontario, Canada.

The bank will guarantee a $236.7 million loan for a 50MW plant to be built near Amherstburg, Belmont, and Walpole townships, and another $219 million loan for a 40MW farm slated for construction in St. Clair. The debt will be repaid over 18 years.

NextEra Energy Resources will own the plants and then sell the power generated from the PV systems to the Ontario Power Authority under the terms of a 20-year power purchase agreement.

The hundreds of thousands of cadmium-telluride thin-film PV modules to be deployed for the 90MW projects, which will be among the largest in North America when completed, will be manufactured at First Solar’s Perrysburg, OH, factory.  Details of the other balance of system components have not been disclosed.

Ex-Im Bank said that its support was needed “because viable long-term financing for these projects was not otherwise available in the commercial marketplace.”

The guarantee is said to be the largest that the Ex-Im Bank has approved for U.S. solar products shipped abroad. Earlier this year, the bank also awarded loan guarantees of $118 million for solar projects in India that will use First Solar panels.

PV-Tech Storage Promo

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 25th Edition

    In this issue we offer some insights into what the next wave of photovoltaic technologies may look like as that upturn gathers pace. Industry observers have been in broad agreement that the major next-gen PV technology innovations won’t happen straight away. But there’s also little doubt that the search is now on in earnest for the breakthroughs that will come to define the state of the art in the industry in the years to come.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media