Canadian Solar has secured finance totalling $149m from Shinsei Bank for the 53.4MW Oita Hijimachi photovoltaic plant in Japan.
Construction of the project, located on Kyushu Island in southern Japan, started in November last year.
Oita Hijimachi, which will consist of 160,000 CS6U MaxPower solar panels, is expected to come online in May 2019.
It will sell electricity to Kyushu Electric Power under a 20-year feed-in-tariff contract at a price of $0.37 per kilowatt-hour.
The non-recourse funding from Shinsei has an 18.5-year tenor, with debt repayment flexibility in 2019 to allow a potential sale of the project to the Canadian Solar Infrastructure Fund.
Canadian Solar chairman and chief executive Shawn Qu said: “Today’s announcement marks our largest non-recourse credit facility raised in Japan.
“We are delighted to have Shinsei Bank provide us with low cost, flexible and rapidly deployable debt to fund the construction of our largest project this year.”
Image: Canadian Solar
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