Canadian Solar Signs Loan Agreement For Japan Development

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Solar power company Canadian Solar have announced the signing of a $40 million loan agreement with Harvest North Star Capital for the development of several ground-mounted solar power projects to be constructed in Japan.

Expected to start construction in the first half of 2014, the projects will total approximately 145 MW.

“We are delighted to have the support from Harvest North Star for developing our solar power project pipeline in this important market,” said Dr. Shawn Qu, President, Chairman and CEO of Canadian Solar. “This loan agreement demonstrates that we are on track to execute on our Japanese solar project pipeline, consolidate our position as a leading solar energy solutions provider on a global basis, and extend the visibility into our business results well into the future.”

“As one of the first dedicated structured finance funds in China, we are pleased to be Canadian Solar’s financial partner providing innovative financing solutions in this fast growing market,” said Peter Tsao, Founding and Managing Partner of Harvest North Star.

The announcement comes at the same time that Canadian Solar announced that they would be supplying  8.7 MW of its MaxPower CS6X Solar Modules to EOSOL Mexico for a ground-mounted solar project located in Durango, Mexico. The project will be Mexico’s second largest PV project to date.

This will not be the first time Canadian Solar has partnered with the EOSOL Group, having partnered together on solar projects in France and Spain.

According to Carlos Ludlow, CEO of EOSOL Mexico, this installation in Durango is the first phase of an EOSOL mega-project, which will generate up to more than 200 MW over the next two years.

“Canadian Solar has proven to be an excellent partner with its high-quality modules and its superior customer service for our previous projects in France and Spain,” said M. Bruno Bernal, President of the EOSOL Group. “That is why we selected them to become our partner for this important and strategic first project in Durango, Mexico.  We plan on further expanding our partnership with Canadian Solar in the future, as we spearhead the development of Mexico’s Solar Industry.”

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