Canadian Solar secured £49.3 million ($62.8 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 megawatts in the UK.
National Westminster Bank, a subsidiary of RBS Group, provided the facility.
Part of the proceeds will be used to repay a construction loan of £28.1 million ($35.8 million).
“We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects” commented Dr. Shawn Qu, chairman and CEO of Canadian Solar. “We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change.”