Canadian Solar has signed a financing agreement with Deutsche Bank’s Tokyo Branch to provide a $97.2 million senior non-recourse credit facility for the construction of the Kumamoto Mashiki solar plant in Japan.

The 48MWp Kumamoto Mashiki project is expected to reach commercial operation in 2017. It will sell electricity to Kyushu Electric Power under a 20-year feed-in-tariff contract at the rate of $0.30 per kWh.

Canadian Solar president and chief executive officer Shawn Qu said: “We are pleased to announce another project construction credit facility with Deutsche Bank that allows us to continue the development of our pipeline of quality solar projects in low risk geographies that we expect will create lasting value for our shareholders.

“We are also pleased that our efforts in Japan are gaining traction, our pipeline is maturing and the construction of several valuable projects is ramping up, which positions us well to deliver solid results in the quarters ahead.”