Canadian Solar gets $50 million loan to purchase three solar projects

By Lisa Kerner

Charlotte, N.C., Oct. 5 – Canadian Solar Inc. announced it closed a $50 million loan with Credit Suisse in conjunction with its purchase of three operating solar projects totaling 59.8 MW AC from KKR for $203.7 million.

In addition, term financing will be provided by Norddeutsche Landesbank Girozentrale, New York Branch and KfW-IPEX Bank, according to a news release.

The projects are located in Sault Ste. Marie, Ont., and hold long-term fixed-price contracts established under the Renewable Energy Standard Offer Program.

Canadian Solar will assume the roles of both the owner and operator of the projects.

“These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects,” said chairman and chief executive officer Shawn Qu.

Canadian Solar is a solar power company based in Guelph, Ont.

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