Canadian Solar raises $53.5 M for 10 MW Illumination solar PV project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Canadian Solar raises $53.5 M for 10 MW Illumination solar PV project

Canadian Solar Inc. has raised C$53.5 million (US$44.3 million) project financing for the development of the 10 MW Illumination solar photovoltaic (PV) project in Ontario, Canada.

Canadian Solar has announced that Natixis, Norddeutsche Landesbank Gironzentrale, Cooperative Centrale Raiffeisen-Boerenleenbank B.A., and Rabobank will provide C$53.5 million (US$44.3 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."

List of country news

Country news

  • May 25, 2015

    Stonepeak Infrastructure Partners invests in the development of microgrids in North America

    Stonepeak Infrastructure Partners has signed a US$250 million equity capital commitment to Energizing Co. for the development of microgrids throughout North America. Read more
  • May 27, 2015

    Aecon Group Inc. secures fabrication contract for Cape Sharp Tidal project

    Aecon Group Inc. and Lengkeek Vessel Engineering, two Nova Scotian businesses, have been selected for a $25 million contract by Cape Sharp Tidal project's owner after a competitive tender process. Cape Sharp Tidal is a joint venture between Emera Inc. and OpenHydro. Read more
  • June 04, 2015

    Fengate Capital Management launches new US$180 M fund backed by Korean investors

    Fengate Capital Management has launched a new US$180 million infrastructure fund with Korean institutional investors, which will be focused in Canada and the United States. Read more
  • June 05, 2015

    Boralex Inc. announces $125m signs deal for convertible unsecured subordinated debentures

    Boralex Inc., a power producer whose core business is dedicated to the development and the operation of renewable energy power stations, has announced it has entered into an agreement with National Bank Financial Inc., on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, convertible unsecured subordinated debentures of Boralex in an aggregate principal amount of $125 million. Read more
  • June 10, 2015

    Boralex acquires an option for a 25% interest in a wind power project in Ontario

    Boralex has signed a conditional buy/sell option for a 25% economic interest in the Canadian 230 MW Niagara Region Wind Farm project in which Enercon is the majority owner. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.