Canadian Solar Inc. has received C$115.5 million in short-term construction financing from the National Bank of Canada. The credit facility will be used to support the construction of three solar power projects in Ontario with a total capacity of 30 MW.
The three solar power projects – Sparkle Light, Good Light and Lunar Light – have all been awardedÂ 20-year power purchase contracts by the Ontario Power Authority under Ontario's feed-in tariff program.
Canadian Solar says it expects to repay the loans with the proceeds of the sale of the projects. Sparkle Light and Good Light are under construction. Work on Lunar Light is planned to commence in July of this year.