The Manufacturer's Life Insurance Co. has agreed to provide approximately C$50.5 million in construction and term financing to Canadian Solar Inc. for the Mighty Solar power project located in Ontario.
Developed by Canadian Solar, construction of the 10 MW Mighty Solar power project is under way, and connection is expected in the second quarter of this year. The Ontario Power Authority awarded the project a 20-year power purchase contract under the province's feed-in tariff program.
The Mighty Solar project will be acquired by Concord Green Energy Inc. when it commences commercial operation. Bowmont Capital and Advisory acted as the financial advisor to Concord.