Canadian Solar announced that it has closed a GBP41.9 million (US$56 million) non-recourse project finance facility with BayernLB. This financing arrangement is Canadian Solar’s third solar power portfolio financing in the United Kingdom (UK).
The solar power portfolio, consisting of 10 operating solar power plants totaling 52.2 MWp, was accredited under the UK’s Renewable Obligation Certificate (ROC) scheme at rates of 1.2 and 1.3 ROC, which provides for inflation-linked solar power generation revenues for a period of 20 years. Financing for the portfolio was structured at the UK portfolio holding company level, with no recourse to Canadian Solar, and has a long-term tenor of 17 years.
“We are delighted to complete our second financing with BayernLB. This deal follows on from the successful partnership with BayernLB to finance our first 40.2 MWp portfolio last year,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We are excited to continue our partnership with BayernLB as we seek opportunities to expand our solar energy development initiatives across Europe.”