Canadian Solar announced that it has secured AUD65 million of non-recourse project financing with a 5-year term for Longreach project (17MW) and Oakey project (30MW) in Queensland, Australia with MUFG (Bank of Tokyo-Mitsubishi UFJ, Ltd.) and CEFC (Clean Energy Finance Corporation). These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency (“ARENA”)
Canadian Solar Chairman and CEO, Dr. Shawn Qu said that they are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government’s commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. They look forward to making further investments in Australia as they execute on their development pipeline.