The three solar power projects—Sparkle Light (Beaverton), Good Light (Kawartha Lakes) and Lunar Light (Belleville)—have all been awarded a 20-year power purchase contract by the Ontario Power Authority under Ontario’s Feed-In-Tariff Program. Sparkle Light and Good Light are already under construction and work on Lunar Light is expected to start in July 2014. Under terms of the deal, Canadian Solar will repay the loans with the sale proceeds of the solar power projects.
Canadian Solar chairman and chief executive officer Shawn Qu says, “We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record. The strength and breadth of our broader global financing network directly reflects Canadian Solar’s Tier 1 position in the solar industry, and is helping us to streamline and speed the development process.”
Founded in 2001 providers solar modules, specialized solar products, and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. To date, Canadian Solar has delivered more than six GW of solar modules to customers in more than 70 countries.
Last month Canadian Solar provided 43MW of photovoltaic (“PV”) modules to the second largest solar power plant project in Japan. The company reports it was sending “approximately 168,300 pieces of 60 cell high efficiency CS6P255P modules with power output of 255Wp for this project. Module delivery is expected to start from May 2014 and to be completed in February 2015.”