Canadian Solar obtains financing for Fayetteville, N.C., solar project

By Tali Rackner

Minneapolis, April 25 – Canadian Solar Inc. secured financing for its 92 MWp IS-42 solar power project near Fayetteville, N.C., according to a press release.

The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corp.

Prudential Capital Group will provide a $97 million debt facility, including tax equity bridge loan, term loan and revolving loan to the project. U.S. Bancorp, a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.

“This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S.,” chairman and chief executive officer Shawn Qu said in the release.

Canadian Solar is a solar power company based in Guelph, Ont.

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