Canadian Solar Inc., the best-performing solar maker in the past year, received a C$115.5 million ($105 million) loan from National Bank of Canada to build three solar plants in Ontario.
The company expects to repay the short-term construction financing when it completes and sells the Sparkle Light, Good Light and Lunar Light projects, Guelph, Ontario-based Canadian Solar said today in a statement. Terms weren’t disclosed.
Construction on Lunar Light will begin in July and the others are already being built. The Ontario Power Authority agreed to buy electricity from the three plants under a 20-year contract.
Canadian Solar more than quadrupled in the past year, the most in the 17-member Bloomberg Industries Global Large Solar Energy Index.