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Overview

Bank of China (New York Branch) contributes to a $120 million CAD syndicated loan to Canadian Solar Inc. for the construction of solar power plants in Ontario

Commitments (Constant USD, 2023)$65,058,775
Commitment Year•2012Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaOverseas Jurisdiction•United StatesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 3, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

State-owned Commercial Banks

  • Bank of China (Canada)

Receiving agencies

Private Sector

  • Canadian Solar, Inc.

Loan description

May 2012 $120 million CAD syndicated loan to Canadian Solar Inc. for the construction of solar power plants in Ontario in Canada

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 3, 2012, Bank of China (Canada) and the New York Branch of the Bank of China (BOC) signed a $120 million CAD construction loan facility agreement with Canadian Solar Inc. (CSIQ) for the construction of solar power plants in Ontario, Canada. At the time of signing, Canadian Solar expected to utilize the facility to build solar plants throughout Ontario through 2012, 2013, and 2014. The terms of the loan are unclear, as are the specific projects that were funded through this loan facility. Record ID#108673 captures Bank of China (Canada)'s contribution. Record ID#93263 captures the New York Branch of BOC's contribution.

Staff comments

1. It is unclear which specific projects the loan funded, and if the projects were completed. 2. The individual contributions of the two lenders are unknown. For the time being, AidData has assumed that each lender contributed equally ($60,000,000 CAD) to the loan syndicate.