Canadian Solar refinances portfolio of UK solar plants in the UK

Canadian Solar Inc. has announced that it has secured £49.3 million (US$61 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 MW in the United Kingdom.

National Westminster Bank (NatWest), a subsidiary of RBS Group, is providing the 18.7-year term facility. Part of the proceeds will be used to repay a construction loan of £28.1 million (US$34.8 million).

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented:

"We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects. We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change."

Kevin Maddick, Structured Finance NatWest added:

"We are proud to be able to support Canadian Solar with this solar power investment, which reinforces NatWest's position as a leading funder to the UK solar sector."