Canadian Solar secures $50m project financing for two Australian solar projects

2 May 2017 (Last Updated May 2nd, 2017 18:30)

Solar power company Canadian Solar has received A$65m ($50m) non-recourse project financing for two of its power projects in Queensland, Australia.

Solar power company Canadian Solar has received A$65m ($50m) non-recourse project financing for two of its power projects in Queensland, Australia.

The company has secured the financing with the Bank of Tokyo-Mitsubishi UFJ (MUFG) and Clean Energy Finance (CEFC) for a 5-year term.

The two Queensland projects comprise of a 17MW farm at Longreach and a 30MW facility at Oakey. With a total installed capacity of 47MWp, they are expected to generate enough renewable energy to supply approximately 12,000 households under a 20-year contract for differences awarded under the Queensland Government's Solar 150 programme.

Construction on both facilities is expected to begin this month, with commercial operations estimated to commence early next year.

Canadian Solar's chairman and chief executive officer (CEO) Dr 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% of its electricity needs from affordable clean energy by 2030."

“These projects will directly contribute to the Queensland Government's commitment to generating 50% 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.”

The Longreach project will feature 54,600 units, while the Oakey project will comprise 93,600 units of Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline modules.

For the first year of operation, Longreach will have an expected output of about 39GWh, while the Oakey facility will produce approximately 59.9GWh.