Canadian Solar has signed a 15-year, $40 million loan facility with the state-owned Bank of China to finance the construction of a 30 MW solar project at an unspecified location in western China.
The move is part of Canadian Solar CEO Dr Shawn Qu's previously stated aim of securing more than half the Chinese company's revenue from downstream projects under its ‘total solutions' business.
Last week's first quarter results showed the total solutions business accounted for 19.2% of revenue, up from 12.8% in the last three months of 2012.
The emphasis on downstream services and burgeoning demand in Asia helped the company staunch its quarterly losses to $4.4 million compared to $21.3 million for the same period of 2012.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.