Canadian Solar Secures AUD65 Million Project Financing for Its 47MWp Solar Power Projects in Australia
GUELPH, Ontario, May 2, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has secured AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. ("MUFG") and Clean Energy Finance Corporation ("CEFC").
The 17MW Longreach project and larger 30MW Oakey project in Queensland are both scheduled to commence construction in May 2017 and reach commercial operation in early 2018. The solar power projects are expected to generate clean energy to power nearly 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 program. These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency ("ARENA").
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