Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has expanded and renewed its credit facility with a syndicate of four finance leasing institutions led by 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.
Image: Solar panels. Photo: courtesy of RK008/FreeDigitalPhotos.net.
The facility has been increased from JPY 4.0 billion (US$36 million) to JPY 5.35 billion (US$48 million) and will mature in March 2022. The Company intends to utilize the facility to develop more high quality solar power projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, “Since 2018, as a testament to Canadian Solar’s deep operating experience and credit strength, we have successfully raised JPY 16 billion (US$ 145 million) of flexible capital sources at favorable rates from our relationship Japanese lenders. We value the ongoing support of SMFL and our syndicate group of finance leasing institutions.”
Source: Company Press Release