Canadian Solar clinches £42 million UK solar refinancing deal

Canadian Solar has closed a £41.9 million project finance facility with Germany’s BayernLB, the third such refinancing package it has clinched for UK assets.

The deal will refinance a portfolio of 10 operational solar plants with a combined capacity of 52.2MW. The projects are accredited under 1.2 and 1.3 ROCs.

Canadian Solar said the 17-year financing package was structured with the UK portfolio’s holding company and would not have any recourse to the panel manufacturer’s main business.

Canadian Solar turned to BayernLB once again having collaborated with the German bank for a financing package last year and Shawn Qu, chairman and CEO at Canadian Solar, said the company was delighted to work with them again.

“We are excited to continue our partnership with BayernLB as we seek opportunities to expand our solar energy development initiatives across Europe,” he said.

There has however been no update on plans to sell 150MW of operational UK solar which Canadian Solar placed on the market last summer.

Qu said at the time that the company intended to complete the sale by the end of 2017.

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