Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Natixis, New York Branch/Norddeutsche Landesbank Gironzentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland," New York Branch will provide the company with up to C$53.5 Million (USD$44.4 Million) in non-recourse, construction plus term financing. The loan facility will finance the 10 MW utility-scale solar power project, "Illumination," located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Limited.
Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under Ontario's Feed-In-Tariff program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The closing of this loan exemplifies Canadian Solar's reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust."