Feb. 26, 2014 - Canadian Solar today announced that Natixis, New York Branch/Norddeutsche Landesbank Girozentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland', New York Branch ("Natixis") will provide the Company with up to C$ 52 Million, in non-recourse, construction plus term financing. The loan facility has a maturity term of construction plus 10 years and will be used to finance the previously announced 10MW (ac) utility-scale solar power project "Glenarm", which is being acquired by DIF Infra 3 RE Canada (Ltd).
Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2014. The project has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
"We are pleased to add Natixis, Norddeutsche Landesbank Girozentrale, Cooperative Centrale Raiffeisen-Boerenleenbank B.A. and Rabobank Nederland to our already strong group of leading international financial partners," said Dr, Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "Access to attractive financial backers gives us a distinct competitive advantage and has been essential to the successful rapid ramp of our project pipeline. As a Tier 1 company, we are committed to meeting all project performance and schedule expectations, as we continue to expand our late-stage project pipeline and total solar solutions business around the world, including Canada, Japan, the United States and other promising markets."