The C$120 million loan facility will be used to support the construction of solar power projects owned by Canadian Solar and which are expected to be built during 2012, 2013, and into 2014.
"We are delighted to announce this agreement with Bank of China, a long time banking partner to Canadian Solar," said Shawn Qu, Canadian Solar's Chairman and CEO.
"Their strength and reputation as a global bank combined with their competitive terms makes them an ideal partner to support the growth of our project business in Ontario. This agreement also represents an important step towards our goal of generating over 40% of our revenue from total solutions in 2013 and beyond," Qu said.
In other company news, Canadian Solar announced that it had supplied 3.3 MW of solar modules for a PV project in Bulgaria.
The solar power plant was built in Plovdiv, Bulgaria's second largest city, on the grounds of the leading Bulgarian food and beverage company Philicon 97 SA and was connected to the grid in February.
The solar project benefits from a feed-in tariff of 0.25 euros per kWh and supports Philicon 97 SA with its strategy of investing in the future of the company through the expansion of renewable energy. Canadian Solar supplied its CS6P-P modules for the PV system.
"We have compared the offers from various module manufacturers and at the end opted for Canadian Solar and EPC company Solarpro. The excellent customer service and high product quality were critical for our success," said Ivan Kalibatsev, project manager at Philicon 97 SA and responsible for the installation of the solar park. "We are very pleased with the result and our expectations have been exceeded. Already in the first month, the power output of the solar system was 15 percent higher than expected."
Qu described the project as an important milestone for Canadian Solar 's growth strategy in South-East Europe.
"Our leading position in the market and our high quality and cost advantages allow us to cooperate with the best partners in the respective target market and to offer them tailor-made solutions for their region," he said. "South-East Europe and in particular Bulgaria offer great potential for development, as high radiation levels and the feed-in tariff that are guaranteed for a period of 20 years offer attractive returns for investors."
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