Canadian Solar: US$35 million Credit Facility
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GUELPH, Ontario - Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a 3-year credit agreement for JPY4 billion (US$35 million) with Sumitomo Mitsui Finance and Leasing Company, Limited ("SMFL"), a member of Sumitomo Mitsui Financial Group.
SMFL is one of Japan's largest leasing institutions with global presence. The facility received commitments from five finance leasing institutions. The Company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to secure strong support from a leading group of finance leasing institutions. We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets."
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 provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 19 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com