The fund will be utilised by the company to support its expansion plans in Asia and Latin America, as well as conducting its operations in agreement with IFC’s environmental and social performance standards.
The financing package offered by IFC includes loans of up to $60m and a subscription of up to $10m in common shares of the company.
Canadian Solar chairman and chief executive officer Dr Shawn Qu said: "We are delighted to secure support from IFC. This partnership is another milestone that enhances our leading position in the global solar power industry.
"With IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide.
"We look forward to continuing our cooperation with IFC to accelerate the adoption of solar energy around the world, especially in developing economies, and to mitigate climate change."
The financing package will be used to support Canadian Solar’s module production plant in Vietnam as well as the expansion of solar cell and/or module production capacities in other markets.
IFC Manufacturing Agribusiness and Services director Alzbeta Klein said: "The solar industry is at an exciting juncture, where rapid cost declines have made it a scalable option for emerging markets.
"IFC views this transaction as a first step in a long-term partnership with Canadian Solar, a global leader in the industry, and we look forward to collaborating on business models that will enable low-carbon energy access."
Image: The $70m financing package will be utilised by Canadian Solar to support its expansion plans. Photo: courtesy of Witthaya Phonsawat/freedigitalphotos.
Sources: http://www.prnewswire.com/news-releases/canadian-solar-secures-70-million-investment-and-financing-package-from-ifc-300211884.html
https://renewables.seenews.com/news/canadian-solar-gets-usd-70m-financing-package-from-ifc-510906#
