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Canadian Solar Gets $47 Million Loan for Ontario Plant

Canadian Solar Inc. (CSIQ), the best-performing solar maker last year, received a C$52 million ($47 million) loan from Natixis SA (KN) for a power plant in Ontario.

The loan to build the 10-megawatt Glenarm project, which DIF Infra 3 RE Canada is acquiring, has a maturity term of construction plus 10 years, Guelph, Ontario-based Canadian Solar said today in a statement.

The Ontario Power Authority has agreed to a 20-year contract to purchase electricity from the solar farm, which is expected to be operational by the fourth quarter.

The shares rose 6.4 percent to $42.66 at the close in New York, the biggest climb in more than a month. Canadian Solar increased more than eightfold in 2013, the most in the Bloomberg Industries Global Large Solar Energy Index.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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