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Canadian Solar secures C$149M financing for solar project in Japan

Canadian Solar Inc secured a C$149 million nonrecourse project finance facility from Shinsei Bank Ltd. to support construction of a 53.4-MWp project in Japan.

The Oita Hijimachi solar power project is located on Kyushu Island in southern Japan. Construction began in 2017, according to a March 1 news release.

The nonrecourse facility has an 18.5-year tenor, with debt repayment flexibility in 2019 to enable a potential sale of the solar power project to Canadian Solar Infrastructure Fund, Inc., which was recently listed on the Tokyo Stock Exchange.

Upon commencement of its commercial operations in May 2019, Kyushu Electric Power Company Inc. will purchase the output of the plant under a 20-year feed-in-tariff contract at the highest rate of 37 Canadian cents per kWh.

"We have secured JPY65 billion of project financing over the past [three] years, a testament to the superior quality of our project development and performance of our Japan assets," Canadian Solar Chairman and CEO Shawn Qu said in a March 1 release.