Canadian Solar has signed an agreement with Deutsche Bank for a CAD$104 million (US$99.5 million) loan.
The facility will be used to provide the short-term construction financing for a number of projects in Ontario.
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“This is the second construction loan package we have signed with Deutsche Bank,” said Shawn Qu, chairman and CEO, Canadian Solar.
“We thank Deutsche Bank for its continued partnership, which underscores the strength of our tier one position in the solar industry and our prospects for profitable growth. The support of global financial institutions, like Deutsche Bank, allows us to expand our actionable pipeline of the quality projects which our investors would like to acquire,” he added.
The company anticipates that the loans will be repaid using the proceeds of the sales of the completed projects.
Canadian solar recently began work on a 130MW solar farm in Ontario. It has also recently sold four Ontario-based projects with a total installed capacity of 36MW.
In August it sold five Ontario projects totalling 49MW to Concord Energy for CAD$290 million (US$277 million).