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Canadian Solar Inc.: New Credit Facilities – Funding Agreement
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Canadian Solar Announces Potential New Credit Facilities with Three Chinese State Banks
* On Tuesday April 28, 2009, 8:20 am EDT
TORONTO, April 28 / -- Canadian Solar Inc. (the "Company", "Canadian Solar" or "we") today announced that it has signed strategic partnership agreements with the Bank of China, the Bank of Communications, and the Industrial and Commercial Bank of China. Under the agreements, each bank may provide up to RMB 5 billion in potential credit facilities that can be used to finance domestic and overseas solar projects where Canadian Solar is the provider of solar modules. Loans may also be used for trade financing, internal corporate projects or working capital. The maximum aggregate facility size in current US dollars is approximately $2.2 billion (RMB 15 billion). Each project submitted to the banks will undergo the banks' due diligence and approval process and detailed terms of the credit agreements will be negotiated before any credit facilities are granted. There is no assurance that any project proposal will be approved, and it is likely that each project will be financed under different terms and conditions. Canadian Solar is considering establishing a China holding company in order to more efficiently manage these and other transactions.
Dr. Qu, Chairman and CEO said: "We are pleased to announce the signing of these strategic partnership agreements in Suzhou today. At present, availability of cost effective debt financing is critical to the ongoing growth and development of the solar industry, especially solar project finance. While each project submitted to the facility will require individual approval, this facility nevertheless provides us with a potentially powerful tool to help the Company and our customers grow our businesses. We look forward to working with our Chinese and overseas banking partners and our customers worldwide."
Canadian Solar Announces Funding Agreement with New District, City of Suzhou for Local Solar Projects
* On Tuesday April 28, 2009, 8:34 am EDT
TORONTO, April 28 / -- Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") today announced that it has signed an agreement with the Suzhou New District, Suzhou Municipal Government to fund local solar projects. The Suzhou New District Government has agreed to provide RMB 7.5 million in matching funds in conjunction with the subsidies provided by China's Ministry of Finance and Ministry of Constructions for building PV installations. These monies will be used to exclusively support solar projects undertaken by Canadian Solar in Suzhou New District. Other sources of project debt or equity will be arranged by the Company or by the project owners.
Dr. Qu, Chairman and CEO said: "Canadian Solar is proud to announce, in cooperation with the Suzhou New District, that we are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality. While this first step is a modest one, it is important for local market development. This will give the City and the Company a chance to raise awareness of the potential of solar power and to set up a model mechanism that may be duplicated elsewhere, or repeated in the future. We would like to thank the City for considering us as their partner in this venture and we look forward to its success."
About Canadian Solar Inc. (NASDAQ: CSIQ - News)
Founded in 2001, Canadian Solar Inc. is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. Canadian Solar is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, Canadian Solar has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.candian-solar.com .
Safe Harbor/Forward-Looking Statements for Canadian Solar
For more information, please contact:
In Toronto, Canada
Alex Taylor, IR Director
Canadian Solar Inc.
Phone: +1-905-530-2334
Fax: +1-905-530-2001
Email: [email protected]
In the U.S.
Joseph Villalta
The Ruth Group
Phone: +1-646-536-7003
Email: [email protected]
Canadian Solar Announces Potential New Credit Facilities with Three Chinese State Banks
* On Tuesday April 28, 2009, 8:20 am EDT
TORONTO, April 28 / -- Canadian Solar Inc. (the "Company", "Canadian Solar" or "we") today announced that it has signed strategic partnership agreements with the Bank of China, the Bank of Communications, and the Industrial and Commercial Bank of China. Under the agreements, each bank may provide up to RMB 5 billion in potential credit facilities that can be used to finance domestic and overseas solar projects where Canadian Solar is the provider of solar modules. Loans may also be used for trade financing, internal corporate projects or working capital. The maximum aggregate facility size in current US dollars is approximately $2.2 billion (RMB 15 billion). Each project submitted to the banks will undergo the banks' due diligence and approval process and detailed terms of the credit agreements will be negotiated before any credit facilities are granted. There is no assurance that any project proposal will be approved, and it is likely that each project will be financed under different terms and conditions. Canadian Solar is considering establishing a China holding company in order to more efficiently manage these and other transactions.
Dr. Qu, Chairman and CEO said: "We are pleased to announce the signing of these strategic partnership agreements in Suzhou today. At present, availability of cost effective debt financing is critical to the ongoing growth and development of the solar industry, especially solar project finance. While each project submitted to the facility will require individual approval, this facility nevertheless provides us with a potentially powerful tool to help the Company and our customers grow our businesses. We look forward to working with our Chinese and overseas banking partners and our customers worldwide."
Canadian Solar Announces Funding Agreement with New District, City of Suzhou for Local Solar Projects
* On Tuesday April 28, 2009, 8:34 am EDT
TORONTO, April 28 / -- Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") today announced that it has signed an agreement with the Suzhou New District, Suzhou Municipal Government to fund local solar projects. The Suzhou New District Government has agreed to provide RMB 7.5 million in matching funds in conjunction with the subsidies provided by China's Ministry of Finance and Ministry of Constructions for building PV installations. These monies will be used to exclusively support solar projects undertaken by Canadian Solar in Suzhou New District. Other sources of project debt or equity will be arranged by the Company or by the project owners.
Dr. Qu, Chairman and CEO said: "Canadian Solar is proud to announce, in cooperation with the Suzhou New District, that we are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality. While this first step is a modest one, it is important for local market development. This will give the City and the Company a chance to raise awareness of the potential of solar power and to set up a model mechanism that may be duplicated elsewhere, or repeated in the future. We would like to thank the City for considering us as their partner in this venture and we look forward to its success."
About Canadian Solar Inc. (NASDAQ: CSIQ - News)
Founded in 2001, Canadian Solar Inc. is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. Canadian Solar is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, Canadian Solar has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.candian-solar.com .
Safe Harbor/Forward-Looking Statements for Canadian Solar
For more information, please contact:
In Toronto, Canada
Alex Taylor, IR Director
Canadian Solar Inc.
Phone: +1-905-530-2334
Fax: +1-905-530-2001
Email: [email protected]
In the U.S.
Joseph Villalta
The Ruth Group
Phone: +1-646-536-7003
Email: [email protected]