The money will be steered into the construction of a solar plant for Manufacturer's Life Insurance Company.

Canadian Solar Inc., one of the world's largest solar power companies, has announced that Manufacturer's Life Insurance Company has agreed to provide approximately C$51 Million (US$46 Million) in construction and term financing to Canadian Solar for the RayLight solar power plant located in Wyebridge, Ontario, Canada.

The RayLight project will be acquired by Concord Green Energy Inc. after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord.

Developed by Canadian Solar, the 10 MW (AC) RayLight solar power plant is under construction and grid connection is expected during the fourth quarter of 2014.

"We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group. The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally.

"We look forward to the completion and grid connection of the RayLight solar power plant," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.