Canadian Solar receives CAD 71.6 million construction loan from Deutsche Bank
Canadian Solar, one of the world‘s largest solar power companies, and Deutsche Bank have signed a financing agreement for two solar power projects in Ontario, Canada.
The two power plants, both 10 MW AC each, have been awarded a 20-year power purchase contract by the Independent Electricity System Operator (IESO) under Ontario’s Feed-in-Tariff (FIT) Program. The loan, which has a one-year term after construction is complete, is expected to be repaid with the proceeds of the sales of the respective financed projects. In addition, the projects may be sold to Canadian Solar’s upcoming YieldCo.
Deutsche Bank is one of the largest financiers of renewable energy worldwide. In 2014, the bank provided around EUR 1 billion in capital which helped finance projects of value more than EUR 4.3 billion and with a total capacity of approximately 1.8GW across Europe, North and South America and Asia.