Canadian Solar will secure around C$51m ($46m) in construction and term financing from Manufacturer’s Life Insurance Company for its RayLight solar power plant in Wyebridge, Ontario.
The financing will be used in the development of the 10MW solar power project, which is currently under construction.
Canadian Solar chairman and CEO Shawn Qu said: "We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group.
"The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally. We look forward to the completion and grid connection of the RayLight solar power plant."
Upon completion, the project will be connected to the grid in the fourth quarter of 2014.
The RayLight project will be acquired by Concord Green Energy after commercial operation.
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By GlobalDataEarlier this month, Canadian Solar has completed the sale of three solar power plants to TransCanada, in a C$180m ($161.2m) deal.
Located in the town of Ingleside, the William Rutley solar power plant has an installed capacity of 10MW, while Liskeard 3 & Liskeard 4 located in the town of Temiskaming Shore combinedly generate 20MW of solar energy.
