The National Bank of Canada will provide Canadian Solar with short-term project financing for one its PV power plant projects to be built in Ontario, Canada.
The company said that the bank would provide CAD$35 million in short-term construction financing.
Canadian Solar said during its latest quarter conference call that its PV project backlog of late-stage solar projects and EPC contracts in the country stood at around 500MW, representing an estimated revenue opportunity of over CAD$1.7 billion once the projects are built and connected to the grid.
The company also recently started construction of a 130MW power plant in Ontario, on behalf of Samsung.
Shawn Qu, chairman and chief executive of Canadian Solar, said: “The addition of National Bank of Canada, a leading Canada-based financial institution, comes at an important time for Canadian Solar. We continue to gain significant momentum in our business, punctuated with the recent sales of several utility-scale solar projects.
“Further bolstering our stable of blue chip financial and construction partners across the entire project lifecycle, this transaction gives us additional flexibility and will allow us to further accelerate the development of our already strong, actionable pipeline in Canada and worldwide.”
In the third quarter of 2013, Canadian Solar sold two PV power plants in Canada valued at over CAD$95 million to TransCanada and signed an agreement to sell two further plants totalling 20MW at over CAD$120 million to BlackRock.