Solar power firm Canadian Solar has secured a US$40 million loan from Harvest North Star Capital for the development of 145MW of projects in
The first of three instalments of the loan will be released in December and the company expects to start work on the projects in the first half of 2014.
“We are delighted to have the support from Harvest North Star for developing our solar power project pipeline in this important market,” said Shawn Qu, president, chairman and CEO of Canadian Solar.
“This loan agreement demonstrates that we are on track to execute on our Japanese solar project pipeline, consolidate our position as a leading solar energy solutions provider on a global basis, and extend the visibility into our business results well into the future.”
In November the Japanese Ministry of Economy, Trade and Industry (METI) announced that around 3.9GW of solar power generation capacity was installed in country since July 2012, when the country introduced its feed-in tariff.
Canadian Solar has also announced it had taken a 8.7MW order for its MaxPower CS6X modules for a project in
The modules are destined for the first phase of EOSOL Mexico’s 200MW mega-project in
“To put the 8.7MW size in perspective, the entire installed Mexican PV market was approximately 30MW in 2012,” added Qu.