Canadian Solar Gets US53 Million Loan for UK Projects

Canadian Solar Inc. has closed a £35 million (US$53 million) project financing facility with Investec Bank to fund four solar power plants with a total installed capacity of 40.2 megawatts.

The projects. All of which started operating in March, are located at four different locations across England, and were built under the Renewables Obligation regime.

“The UK market is an important component of our strategy to build and own solar power plants that we plan to drop into a YieldCo vehicle in the months ahead,” said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Our goal is to continue investing in the UK and we look forward to continue working with Investec to support our growth.”

Investec acted as sole mandated lead arranger on this transaction. Investec has a growing presence in the UK solar market, having funded in excess of 350MWp to date.

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