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China bank in USD 120m deal to build up solar power in Canada

“Groundbreaking” agreement will support the construction of Canadian solar projects built over next two years

The USD 120m agreement will support solar power projects in Ontario, Canada
The USD 120m agreement will support solar power projects in Ontario, Canada, over the next few years

China’s central bank has signed a USD 120m agreement to help develop solar plants in Canada. Firm Canadian Solar and the Bank of China, one of the world's largest banks, has announced the “ground breaking” financing agreement to provide a USD 120m construction loan facility for solar power plants in Ontario, Canada.

The loan facility will be used to support the construction of solar power projects owned by Canadian Solar, which are expected to be built during 2012, 2013, and into 2014.

Canadian Solar is a vertically integrated provider of ingots, wafers, photovoltaic solar cells, solar modules and other solar applications.

Shawn Qu, Canadian Solar's chairman and CEO, said: "We are delighted to announce this agreement with Bank of China, a long time banking partner to Canadian Solar. Their strength and reputation as a global bank combined with their competitive terms makes them an ideal partner to support the growth of our project business in Ontario.

This agreement also represents an important step towards our goal of generating over 40% of our revenue from total solutions in 2013 and beyond."