Credit Suisse has approved a US$40 million one-year loan to Canadian Solar to finance project acquisitions.
The loan will be used to finance Canadian Solar's previously announced acquisition of four solar projects in Ontario, Canada.
At the beginning of January, Canadian Solar's direct subsidiary Canadian Solar Solutions acquired a majority interest from SunEdision in two of its utility-scale solar power projects in Ontario with a total capacity of approximately 24MW DC.
Canadian Solar also has the ability to complete a purchase of two additional utility-scale solar power projects in Ontario with a total capacity of approximately 22.5MW DC, and an option to purchase a fifth solar project at a later date, also from SunEdison.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We continue to attract blue chip financial and construction partners across the entire project lifecycle. We believe this validates the value of Canadian Solar's global scale, proven track record, and both project expertise and quality. This sets us apart in the industry and is allowing us to accelerate the development of our already strong pipeline in Canada, the U.S. and worldwide."