Canadian Solar Getting $58 Million Loan for Ontario Power Plants

(Bloomberg) — Canadian Solar Inc., the third-largest
producer of photovoltaic panels, is getting a loan of C$71.6
million ($58.3 million) from Deutsche Bank AG to build a pair of
power plants in Ontario.

The short-term construction financing will be used to
develop two 10-megawatt solar farms, the Guelph, Ontario-based
manufacturer said in a statement Friday. Terms weren’t
disclosed.

The Independent Electricity System Operator has agreed to
buy the output of the plants in a 20-year power-purchase accord
under Ontario’s feed-in tariff program, according to the
statement.

Trina Solar Ltd. was the largest solar-panel producer by
shipments last year, followed by Yingli Green Energy Holding Co.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Robin Saponar

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