Canadian Solar receives project finance for Mighty Solar
Canadian Solar has announced that The Manufacturer's Life Insurance Company ("Manulife") has agreed to provide approximately C$50.5 million in construction and term financing to Canadian Solar for the Company's Mighty Solar power project located in Ontario, Canada. The Mighty Solar project will be acquired by Concord Green Energy Inc. ("Concord") after Commercial Operation. Bowmont Capital and Advisory acted as the Financial Advisor to Concord.
Developed by Canadian Solar, construction of the 10 MW (AC) Mighty Solar power project commenced and connection is expected in Q2 2014. Ontario Power Authority, under Ontario's Feed-In-Tariff Program, awarded the project a 20-year power purchase contract (the "FIT Contract"). Ontario's FIT Program is North America's first comprehensive guaranteed pricing structure for renewable electricity production.
"Canadian Solar's scale and track record of both execution and quality continues to help attract both world-class financial partners, like Manulife, and sought after end buyers, like Concord. We are now firmly established as one of the power industry's fastest growing companies, with one of the largest global project development pipelines, spanning Canada, the U.S., China, Japan, and other developing markets," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
