First Solar has secured $455.7 million of loan guarantees from Export-Import Bank, Bloomberg reports. The loan will help the thin-film solar modules maker to build power projects with a total capacity of 90 megawatts in southern Ontario in Canada.
The bank will guarantee a credit facility of $236.7 million for a 50 megawatt plant that First Solar is planning in the southern Ontario townships of Amherstburg, Belmont and Walpole. The other loan is of $219 million for a 40 megawatt project in St. Clair. The debt will be repaid over 18 years.
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