Canadian Solar Expands Credit Facility with Sumitomo Mitsui Banking Corporation to JPY 10.7 Billion
GUELPH, Ontario: 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.”
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.