Canadian Solar Increases Global Guarantee Facility from Export Development Canada to US$125 Million
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced it has closed a $125 million global guarantee facility with Export Development Canada (“EDC”), Canada’sexport credit agency. The facility was increased to US$125 million from US$100 million, and will support existing and future project development activities undertaken by Canadian Solar across North America, Latin America, Europe, Asia and Australia.
Under the global facility, EDC will provide Performance Security Guarantees for up to US$125 million to cover credit exposure of Royal Bank of Canadaand China Construction Bank Corporation on letters of credit and letters of guarantee issued on behalf of Canadian Solar.
“We highly value our relationship with EDC as we continue to promote clean, reliable and emission-free solar energy worldwide. This represents the fourth consecutive year of financial support from EDC, testament to our leading position in the global solar industry,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “This expanded global facility provides us with a flexible capital source and enhances our capacity and competitiveness across multiple solar development opportunities.”