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Canadian Solar closes $69M financing for 67.8-MW solar facility in Mexico

Canadian Solar Inc. secured $69 million in nonrecourse project financing for the proposed 67.8-MWp Aguascalientes solar facility in Mexico.

The financing consists of a $53.2 million long-term loan, a $5.6 million letter of credit facility and a $10.2 million Value Added Tax short-term loan. The package was provided by Mexico's Banco Nacional de Comercio Exterior SNC and Spain-based Banco Sabadell.

Proceeds will be used to repay a $45 million construction loan that was previously provided by Natixis.

The Aguascalientes project will sell electricity and clean energy certificates to Comisión Federal de Electricidad under long-term agreements. The project is expected to enter commercial operation by the end of this month.