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

Facebook
Twitter
LinkedIn
Reddit
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA