Canadian Solar Inc. today announced that The Manufacturers Life Insurance Company ("Manulife") has agreed to provide approximately C$52.8 Million (US$40.8 Million) in construction and term financing to Canadian Solar for the Aria solar plant located in Springwater, Ontario, Canada. The Aria 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, the 9MW AC Aria solar power plant is under construction, with grid connection expected to occur in the fourth quarter of 2015.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The closing of this loan demonstrates Canadian Solar's marketability and respect amongst financial institutions. With one of the solar industry's highest bankability approval ratings, Canadian Solar again affirms its consistent track record as a leading project developer in North America."
