Canadian Solar Gets $46 Million From Manulife for Mighty Project

Apr 01, 2014 10:45 am ET

April 1 (Bloomberg) -- Canadian Solar Inc., the best- performing solar maker last year, received a C$51 million ($46 million) loan from Manulife Financial Corp. for its Mighty project in Ontario.

The 10-megawatt solar farm is expected to begin producing power in the second quarter, Guelph, Ontario-based Canadian Solar said today in a statement. The project will be acquired by Concord Green Energy Inc. after it begins operation, according to the statement. BowMont Capital & Advisory Ltd. advised the project sale. Terms weren’t disclosed.

The Ontario Power Authority has agreed to a 20-year contract to purchase electricity from the solar farm.

Canadian Solar increased more than eightfold in 2013, the most in the Bloomberg Industries Global Large Solar Energy Index.