First Solar's $455.7 Million Loan Guarantee for Canada

By Admin
First Solar Inc. is the worlds largest maker of thin-film solar modules. The company is looking to power project investments in Canada and has secured...

 

First Solar Inc. is the world’s largest maker of thin-film solar modules.  The company is looking to power project investments in Canada and has secured a $455.7 million of loan guarantees from the U.S. Export-Import Bank.

First Solar plans to build two solar plants in southern Ontario with a combined capacity of 90 megawatts.  Ontario has seen a significant spike in solar energy investment following the passing of the Canadian province’s recent Green Energy Act, catapulting it into the position of number two in installed solar capacity, trailing only California. 

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Distributed Solar Power Trades in Farms for Roofs

Ontario's Solar Market Boom

Read the latest issue of Energy Digital!

The loan guarantee in the largest ever approved by the U.S. Export-Import Bank for solar products shipped abroad, and is aimed at helping President Obama in his goal of doubling U.S. exports by 2015.

In 2010, U.S. solar exports rose 83 percent to $5.63 billion.  The top import of solar products was $2.4 billion of photovoltaic modules.  However, President Obama wants to reverse the trend of exporting raw materials and importing finished products from Asia. 

$236.7 million of the loan guarantees is slated for a 50-megawatt plant and $219 million for a 40-megawatt plant, both in southern Ontario.

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy