Renewable Energy Trust Capital, a clean-energy financing provider, is borrowing C$66 million ($54 million) to help fund its acquisition of a 14.1-megawatt Canadian Solar Inc. power plant in Ontario.
RET Capital didn’t provide terms for the non-recourse debt facility in a statement Thursday. It agreed to buy the CityLights solar farm in Chesterville in April, the San Francisco-based company’s third acquisition of a solar farm developed by Canadian Solar.
Electricity from all three solar farms is being sold to the Independent Electricity System Operator, Ontario’s largest power provider, under a 20-year contract.
Trina Solar Ltd. and Yingli Green Energy Holding Co. were the largest solar-panel producers by shipments last year.