First Solar Inc. (NASDAQ: FSLR) received $455.7 million in loan guarantees from the Export-Import Bank of the United States for two solar power projects in Ontario.
The bank will guarantee a loan worth $236.7 million for a 50 MW plant to be built in the townships of Amherstburg, Belmont and Walpole. Another guarantee for a $219 million loan was also approved for a 40 MW solar farm in St. Clair.
The bank will secure First Solar commercial loans in case of a default. The debt will help finance project components First Solar will export to Ontario to build the projects and is to be repaid over 18 years.
Vancouver-based Plutonic Power and General Energy Financial Services will own the 50 MW project. NextEra Energy Resources will own the 40 MW facility. Both projects are expected to sell power to the Ontario Power Authority under a 20-year power purchase agreement.
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