Canadian Solar receives $50m project financing for 47MWp solar power projects in Australia

Canadian Solar has secured A$65m ($50m) of non-recourse project financing from the Bank of Tokyo-Mitsubishi and Clean Energy Finance carrying a five year term for two of its solar farm power projects located in Australia.

Both the solar farm projects are located in Queensland and are scheduled to commence construction in this month.

The 17MW Longreach project and the 30MW Oakey project in Queensland are expected to reach commercial operation in early next year.

After completion, these solar power projects are anticipated to generate clean energy to provide power for around 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 programme.

These projects have received A$3.5m($2.7m) grant funding from the Australian Renewable Energy Agency (ARENA).

Canadian Solar chairman and chief executive officerDr Shawn Qu said: “We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA.

“These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030.

“We look forward to making further investments in Australia as we execute on our development pipeline.”

Established in 2001, Canadian Solar focuses on manufacturing solar photovoltaic modules and provides solar energy solutions.

It has also reported to have a pipeline of utility-scale power projects in various stages of development located at different geographical locations.

In the past 16 years, Canadian Solar has successfully delivered more than 20GW of premium quality modules to nearly 100 countries across the world.