The China Development Bank has extended a loan of C$93m (93.8m) to Canadian Solar to finance the acquisition of 16 solar projects from SkyPower.
The total generating capacity of all the 16 solar projects is about 190MW to 200MW.
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Canadian Solar chairman and chief executive officer Shawn Qu said the new credit agreement is the result of the bank’s confidence the in the company.
"We are pleased to have the support of one of the world’s largest banks as we continue to execute on our business and advance our goal to generate 40% of our revenue from total solutions, which include solar power generation project development, facilitation of financing arrangements, EPC services and total hardware kit sales," Qu added.
The company will use the loan to partially finance the total cost of the projects which is about C$185m ($186.6m) and earn majority stakes in them.
Canadian Solar is a vertically integrated provider of ingots, wafers, solar cells, solar modules, solar power systems and specialized solar products.
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By GlobalData
