Canadian Solar has signed a US$250 million loan agreement with China Minsheng Bank. The loan facility has a three-year maturity and will be used to partially finance the acquisition of Recurrent Energy LLC and the construction of the utility-scale solar projects in USA.
"We are very delighted to receive this loan facility from China Minsheng Bank, a large commercial bank in China. Our ability to get support from both international and Chinese financial institutions is a testament to Canadian Solar's position as a global leader in the utility-scale solar energy business," said Dr. Shawn Qu, Chairman and Executive Officer of Canadian Solar. "We look forward to continuing our cooperation with Minsheng Bank and other financial institutions to fund our profitable growth."