National Bank of Canada has agreed to provide short-term construction financing of about C$115.5m ($105.4m) to Canadian Solar.
The loan will be used to support the construction of three solar power projects totaling 30MWac in Ontario, Canada. The projects include Sparkle Light (Beaverton), Good Light (Kawartha Lakes) and Lunar Light (Belleville).
Construction of Sparkle Light and Good Light projects are already underway, while the construction of Lunar Light is expected to begin in July 2014.
A 20-year power purchase agreement for the projects has already been signed with the Ontario Power Authority under Ontario’s Feed-In-Tariff program.
Canadian Solar chairman and CEO Shawn Qu said, "The company will be receiving the construction loan package for the second time from the bank.
"The strength and breadth of our broader global financing network directly reflects Canadian Solar’s Tier 1 position in the solar industry, and is helping us to streamline and speed the development process," Qu added.