Canadian Solar Gets $46 Million From Manulife for Mighty Project

Canadian Solar Inc. (CSIQ), the best-performing solar maker last year, received a C$51 million ($46 million) loan from Manulife Financial Corp. (MFC) for its Mighty project in Ontario.

The 10-megawatt solar farm is expected to begin producing power in the second quarter, Guelph, Ontario-based Canadian Solar said today in a statement. The project will be acquired by Concord Green Energy Inc. after it begins operation, according to the statement. BowMont Capital & Advisory Ltd. advised the project sale. Terms weren’t disclosed.

The Ontario Power Authority has agreed to a 20-year contract to purchase electricity from the solar farm.

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 editors responsible for this story: Reed Landberg at landberg@bloomberg.net Jasmina Kelemen, Robin Saponar

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