GUELPH, Ontario, Oct. 30, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide CAD$104 million in non-recourse, short-term construction financing to Canadian Solar for the construction of solar power projects in Ontario, Canada. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.
The loan facility is intended to support the simultaneous construction of 3 solar power plants, totalling 30 MWac. Developed by Canadian Solar, the projects are expected to be built and connected through 2014. All of the projects have been awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "This is the second construction loan package we have signed with Deutsche Bank. We thank Deutsche Bank for its continued partnership, which underscores the strength of our Tier 1 position in the solar industry and our prospects for profitable growth. The support of global financial institutions, like Deutsche Bank, allows us to expand our actionable pipeline of the quality projects which our investors would like to acquire."
About Canadian Solar Inc.
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 5GW 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.
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