The National Bank of Canada is providing US$105.4 million in short-term construction finance to major PV Energy Provider (PVEP), Canadian Solar for three PV power plants being built in Ontario totalling around 30MW.

“This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record," said Dr. Shawn Qu, chairman and CEO of Canadian Solar Inc.

The three solar power projects include, ‘Sparkle Light’ in Beaverton, ‘Good Light’ in Kawartha Lakes and ‘Lunar Light’ located in Belleville, Ontario.

The Lunar Light project is expected to start construction in July 2014, while the other two projects are already under construction, according to Canadian Solar.

The company said that the National Bank of Canada loans, were expected to be repaid with the proceeds of the sale of the PV projects.

Canadian Solar had reported in March this year that its Canadian-based PV project pipeline stood at 477MW and a total global pipeline of over 4.5GW.