The non-recourse project financing with a five-year term has been secured from the Bank of Tokyo-Mitsubishi UFJ Ltd (MUFG) and Australia's Clean Energy Finance Corporation (CEFC).
It will be used for the 30MW Oakey project and the 17MW Longreach project, both located in Queensland.
Construction of both facilities is due to commence this month, with commercial operation expected in early 2018.
The Oakey and Longreach solar farms have been granted AUD3.5m ($2.7m) from the Australian Renewable Energy Agency (ARENA).
Canadian Solar chairman and CEO Shawn Qu said: "We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA.
“These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. We look forward to making further investments in Australia as we execute on our development pipeline.”
The two solar power projects are likely to generate green energy to meet the electricity needs of 12,000 homes through a 20-year contract for differences awarded under the Solar 150 program of the Queensland government.
Last week, Canadian Solar announced that it had supplied 10MW of PV modules to the Soroti Photovoltaic Plant in Uganda which is being touted to be the largest solar project in the country and the first of its kind in East Africa.
In April, Canadian Solar through its subsidiary CSI New Energy completed divestiture of two Chinese solar power plants for nearly $100m to Shenzhen Energy Nanjing.
