National Bank of Canada to provide $105m loan to Canadian Solar

The National Bank of Canada is providing C$115.5m ($105.4m) in short-term construction finance to Canadian Solar for three solar power projects in Ontario.

Combined, the three projects will generate 30MW of power for the Ontario grid.

Canadian Solar anticipates repaying the short-term construction financing when it completes all the three projects, dubbed Sparkle Light, Good Light and Lunar Light.

Sparkle Light and Good Light are already in construction and work on the Lunar Light project is expected to start in July 2014.

The facilities, some of which are expected to start operations later in 2014, are covered under a 20-year power purchase contract by the Ontario Power Authority.

Canadian Solar chairman and chief executive officer Shawn Qu said, "This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record."

Canadian Solar, which operates in several global continents, has delivered over 6 GW of solar modules to customers in more than 70 countries.