'Silicon Module Super League' member Canadian Solar has obtained a JPY12 billion (US$97.2 million) senior non-recourse project finance credit facility from Deutsche Bank for the construction of a 48MW solar power plant in Japan.
The Kumamoto Mashiki PV plant is expected to reach commercial operation in 2017 and will sell electricity to Kyushu Electric Power Co under a 20-year feed-in tariff contract at the rate of JPY36.0 ($0.30)/kWh.
Shawn Qu, chairman and chief executive of Canadian Solar, said: “We are pleased to announce another project construction credit facility with Deutsche Bank that allows us to continue the development of our pipeline of quality solar projects in low risk geographies that we expect will create lasting value for our shareholders.
“We are also pleased that our efforts in Japan are gaining traction, our pipeline is maturing, and the construction of several valuable projects is ramping up, which positions us well to deliver solid results in the quarters ahead.”
Canadian Solar recently updated on its operational power plants including 15MW in Japan out of a total 257MW.