Canadian Solar Inc., a panel maker with manufacturing operations in China, is borrowing C$139 ($140 million) from Deutsche Bank AG to build five solar farms in Ontario.
The non-recourse construction financing will fund 49 megawatts of solar power, the West Guelph, Ontario-based company said today in a statement.
The short-term loans are expected to be repaid when the solar farms are sold. TransCanada Corp. has agreed to buy them. The projects will sell electricity to Ontario Power Authority under 20-year contracts.