Canadian Sola has secured a credit facility pursuant to which Ping An Bank will provide up to $300 million to Canadian Solar's wholly owned subsidiary Recurrent Energy LLC to support its solar power project development, construction and operation activities. The credit facility has a three-year maturity.
"We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China. This transaction again demonstrates Canadian Solar's leadership position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world."