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German development bank KfW Group subsidy, DEG, or Deutsche Investitions- und Entwicklungsgesellschaft, will provide the company with company with USD 20 million long term loan facility
FREMONT, CA: Canadian Solar announced the commencement of construction on one of the biggest commercial and industrial (C&I) rooftop solar projects in Malaysia, in collaboration with Antah Solar Sdn. Bhd. and EleapsSdn. Bhd. The 5 MWp project will be spread over an area of over 26,000 square meters and is located in Penang, Malaysia.
"This transaction marks our first corporate solar PPA in Southeast Asia. We have secured close to 170 MWp of corporate PPAs across Southeast Asia and Australia since the beginning of 2020, partnering our C&I clients to reduce carbon emissions while cutting operational costs. With our proven track record and established C&I pipeline, we expect to partner with more corporates to capture the growing potential of the global C&I solar market and help our customers to achieve their sustainability goals. We appreciate DEG's funding to support Canadian Solar's expansion across this region," said Dr Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
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[vendor_logo_first]The 5 MWp, power purchase agreement, was signed with Muda Paper Mills SdnBhd, a subsidiary of Muda Holdings Berhad, listed on the Bursa Malaysia Securities Berhad since November 1984. Muda Paper is one of the largest industrial grade paper producers in Malaysia. The project will be powered by 13,000 pieces of Canadian Solar's high-efficiency KuMax modules. Once the plant is in operation, it is expected to generate roughly 6,700 MWh of clean, reliable solar electricity each year for the next 25 years. The company suggests that the project should reach commercial operation by the end of 2020.
German development bank KfW Group subsidy, DEG, or Deutsche Investitions- und Entwicklungsgesellschaft, will provide the company with company with USD 20 million long term loan facility. DEG is one of the world's largest private sector development financiers. The loan amount will mature in 2024 and will be deployed across Canadian Solar's solar pipeline, including the Muda Paper C&I rooftop project, demonstrating the company's commitment to promoting social and environmental goals in its project development activities.
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