Canadian Solar: Project financing facility
GUELPH, Ontario - Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that on May 7th 2015 it closed a GBP35 million ($53 million) project financing facility with Investec Bank plc ("Investec"), for a portfolio of four solar power plants with an installed capacity totaling 40.2 megawatts.
Located at four different locations across England, the installations have been built under the Renewables Obligation regime and became operational in March 2015.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: "The UK market is an important component of our strategy to build and own solar power plants that we plan to drop into a YieldCo vehicle in the months ahead. Our goal is to continue investing in the UK and we look forward to continue working with Investec to support our growth."
Olivier Fricot, Head of Power and Infrastructure Lending, Investec, said: "Investec supported Canadian Solar in its first ROC based project financing. It further endorses the expertise of our team in the UK renewables sector. This transaction represents a significant deal with one of the leading global solar energy players, and we look forward to further developing this relationship in a number of geographies where our respective organizations operate."
Investec acted as sole mandated lead arranger on this transaction. Investec has a growing presence in the UK solar market, having funded in excess of 350MWp to date.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 10 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the world, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website http://www.canadiansolar.com
About Investec Power and Infrastructure Finance:
Investec Power and Infrastructure Finance advises, structures, arranges and provides financing options across a wide range of specialist infrastructure sectors. A global team of over 50 dedicated staff specialises in PPP and PFI projects in the transport and social infrastructure sectors as well as power transactions. The team is part of Investec's Corporate and Institutional Banking division. Investec is an international, specialist banking group providing a diverse range of financial products and services to a client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. For more information, visit www.investec.com