Manufacturer’s Life Insurance Company (Manulife) has agreed to provide C$51m ($46m) of construction and term loan to solar power firm Canadian Solar for its RayLight solar power plant at Wyebridge, Ontario, Canada.

Being developed by Canadian Solar, the RayLight solar power plant is currently under construction.

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The grid is expected to be connected during the fourth quarter of fiscal 2014.

The power plant will be acquired by Concord Green Energy following the commencement of commercial operation.

Canadian Solar chairman and chief executive officer Dr Shawn Qu said: "We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group.

"The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position."

"The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally.

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"We look forward to the completion and grid connection of the RayLight solar power plant."

Last month, Canadian Solar inked an agreement with Sichuan Development Investment Management to establish an investment fund for the development, construction and ownership of solar power projects in China.

Sichuan Development, Canadian Solar and other third party investors expect to raise around $800m through this fund.

Sichuan Development and Canadian Solar’s initial amount contribution will be equal, while third party investors will contribute the rest to achieve the target.

Canadian Solar has deployed more than 7GW of modules in more than 70 countries during the last ten years.

Energy