Canadian Solar Expands Credit Facility with Sumitomo Mitsui Banking Corporation to JPY 10.7 Billion
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 renewed and extended its credit facility to JPY 10.7 billion (US$ 96 million), with a syndicate of 10 lenders led by Sumitomo Mitsui Banking Corporation (“SMBC”).
The new SMBC credit facility extends the 2019 debt maturity to 2022 and increases the capacity of that facility from JPY 9.6 billion to JPY 10.7 billion. This facility is unsecured and proceeds from the long-term debt will further enhance Canadian Solar’s flexibility to develop its solar pipeline in Japan and fund general corporate working capital requirements.
“We value our long-term partnership with SMBC and our syndicate lenders. We have successfully raised in excess of JPY 25 billion of credit lines with the broader Sumitomo Mitsui Financial Group over the last two years,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “The new facility reflects the strength of our business and provides us with enhanced liquidity and flexible funds to grow the Japan business through our well-established solar development track record and financing capability.”