Canadian Solar Gets $44 Million From Manulife for Ontario Plant

Canadian Solar Inc., the best-performing solar maker last year, received a C$48 million ($44 million) loan from Manulife Financial Corp. for a power plant in Ontario.

The financing is to build the Val Caron solar farm, which is being acquired by Concord Green Energy Inc., Guelph, Ontario-based Canadian Solar said today in a 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, which is expected to be operational this year.

Canadian Solar increased more than eightfold in 2013, the most in the Bloomberg Industries Global Large Solar Energy Index.