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 Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities