Canadian Solar Gets $46 Million Loan From Manulife

Canadian Solar Inc., the third-best performing solar manufacturer in the past year, is receiving a C$51 million ($46 million) loan from Manulife Financial Corp. for a project in Ontario.

Manulife is providing construction and term financing for the 10-megawatt RayLight solar farm in Wyebridge, Guelph, Ontario-based Canadian Solar said today in a statement. Terms of the loan weren’t disclosed.

Concord Green Energy Inc. will acquire the solar farm, which is expected to be connected to the grid in the fourth quarter. BowMont Capital and Advisory is advising Concord on the purchase.

Canadian Solar rose 0.4 percent to close at $32.83 in New York. In the last 12 months, the stock has gained about 80 percent, trailing only REC Solar ASA and SunEdison Inc. in the 17-member Bloomberg Intelligence Global Large Solar Index.

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