GUELPH, Ontario, Feb. 26, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc.(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, 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."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
SOURCE Canadian Solar Inc.