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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

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.

22 September 2021
To commemorate the World Energy Storage Day(WESD) on 22 September, being recognized worldwide, Customized Energy Solutions (CES) and India Energy Storage Alliance (IESA) is organising the 5th global conference and virtual expo, which will be held virtually on 22 September 2021. WESD is a global movement initiated by various apex trade bodies working to promote and adopt energy storage, e-mobility & green hydrogen technologies for a sustainable future. The forthcoming edition of WESD is expected to attract global participation with an intent to facilitate bi-lateral trade, market development and new research and innovation, which will invite 100+ countries, 100+ regulators & policy makers, 100+ International speakers,1000+ organisations, 100+ partners & exhibitors and 20,000+ global delegates.
28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.

Read Next

September 16, 2021
Vistra Energy has welcomed the enactment of clean energy policies in Illinois which the power generation company said will support 300MW of solar and 150MW of battery storage to be built at nine of its coal plant sites. 
September 16, 2021
Renewables developer Amp Energy has secured financing for a 120MW solar installation in the Australian state of New South Wales that is expected to begin energisation in early 2022.
September 16, 2021
As much as 191GW of new solar PV is expected to be installed this year – up by a third on last year’s deployment figure – despite polysilicon and module prices remaining high into 2022, BloombergNEF has said.
September 16, 2021
Australia’s government has committed AU$19.2 million (US$14 million) to implement the recommendations of a new report that that aims to improve regulation and compliance in the country’s rooftop solar sector.
September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 16, 2021
North American module manufacturer Silfab Solar has received an investment led by private equity firm ARC Financial Corp to help scale up its US PV production footprint.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021