Canadian Solar Inc. has secured US$44.4 million in financing from a group of lenders to fund a 10-megawatt solar farm in Ontario, Canada.
The non-recourse, construction plus term financing came from Natixis, Norddeutsche Landesbank Gironzentrale, Cooperative Centrale Raiffeisen-Boerenleenbank B.A. and Rabobank Nederland. The project in the town of Scugog, is being acquired by DIF Infra 3 RE Canada Limited.
Developed by Canadian Solar, the solar power plant is expected to start commercial operations by the fourth quarter of 2015. It has a 20-year power purchase agreement with the Ontario Power Authority under Ontario’s feed-in-tariff program.