Canadian Solar announced on October 13 that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a syndicated 3- year loan facility for JPY9.6 billion (US$95 million). Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead arranger.
The loan facility syndication was well received by the Japan banking community with participation of 13 financial institutions. The loan proceeds will be used to finance solar project development in Japan and general corporate working capital requirements.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very pleased to receive strong support from a leading group of financial institutions, which demonstrates their confidence in the growth prospects of Canadian Solar. We are well positioned to access competitively priced funding to support solar development opportunities in Japan. We value our partnership with SMBC, a tier-1 bank in Japan with a global presence and we look forward to continuing the cooperation to support our business growth in Japan and other important markets."