Canadian Solar secures £49.3m loan to refinance UK solar projects
Chinese Tier 1 solar PV developer Canadian Solar has secured a £49.3m ($62.8m) loan from UK bank NatWest to refinance 10 UK solar PV parks with combined capacity of 50 MW. NatWest’s structured finance representative Kevin Maddick said the deal showed NatWest is a "leading funder" of PV projects. Canadian Solar has more than 60 MW of installed capacity in UK solar farms, with an additional 20 MW set to come online in 2017.

Canadian Solar, the Chinese Tier 1 solar PV developer, has confirmed today that it has secured £49.3 million ($62.8 million) in loans from British bank NatWest for the refinancing of 10 solar PV parks in the U.K. with a combined capacity of 50 MW.

The non-recourse team loan has an 18.7 year payback term, and Canadian Solar has said that part of the proceeds will be used to repay a construction loan of £28.1 million ($35.8 million).

Canadian Solar CEO and chairman Shawn Qu remarked that the deal “demonstrates yet again the quality and bankability of our solar power projects”, adding: “We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the U.K. to help mitigate climate change.”

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NatWest’s structured finance representative Kevin Maddick added that the deal reinforces NatWest’s position as a leading funder to the U.K. solar sector.

Canadian Solar has been a proactive developer of British solar farms, surpassing 60 MW of installed capacity at the beginning of the year and overseeing a current pipeline of around 20 MW additional capacity due to be brought online in 2017.