Canadian Solar secures financing for its 92MWp IS-42 power project

Canadian Solar Inc. announced that it has secured financing for its 92 MWp IS-42 North Carolina solar power project. Prudential Capital Group will provide $97 million in the form of a debt facility and USBCDC (U.S. Bancorp Community Development Corporation) will make a tax equity investment in the project under a separate agreement.

The 92 MWp project will cover an area of 450 acres in the Bladen and Cumberland counties of North Carolina. The project is under construction and expected to be commercial operational in the third quarter of 2017.  The project has a long-term PPA with Duke Energy.  Once operational, the project will generate energy to power 11,750 homes in the state.

Canadian Solar Chairman and CEo, Dr. Shawn Qu said that this agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S.. They are glad to further strengthen their partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country.