Canadians swell UK PV coffers
Closure completed with BayernLB on £41.9m in non-recourse project finance
Canadian Solar has closed a £41.9m (€47m) non-recourse project finance facility with BayernLB for a portfolio of photovoltaic projects in the UK.
The portfolio consists of 10 operating plants totalling 52.2MW, Canadian Solar said.
The projects are accredited under the the UK’s Renewable Obligation Certificate (ROC) scheme at rates of 1.2 and 1.3 ROC for a period of 20 years, it added.
The financing has a tenor of 17 years and was structured at the UK portfolio holding company level with no recourse to Canadian Solar, the company said.
Canadian Solar chairman and chief executive officer Shawn Qu said: “We are excited to continue our partnership with BayernLB as we seek opportunities to expand our solar energy development initiatives across Europe.”