GUELPH, ON, Oct. 17, 2023 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ) today announced the successful placement of a JPY 18.5 billion green samurai private placement (“private placement”). Goldman Sachs Japan Co., Ltd. (“GS”), was the lead arranger and sole book runner with the domestic bond investors.

The private placement has a 3-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.) coupons.

The Japan Credit Rating Agency, Ltd. (“JCR”) has assigned this structured bond with an investment grade rating of “A-“. Also importantly, JCR certified the issuer with the highest Green 1 rating under the Japanese Green Bond guidelines. Orix Bank Corporation has been appointed as the trustee.

Canadian Solar has been a seasoned project bond issuer in Japan and had closed seven transactions for its ground mounted solar projects totaling over forty billion Japanese yen since 2016.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, “This is another ground-breaking green bond transaction brought to the Japanese market by Canadian Solar and we are very pleased to receive strong support from leading Japanese financial institutions, which demonstrates their confidence in the growth prospects of Canadian Solar. We are well positioned to access competitively priced funding, supported by the strength of our business, and this bond provides us with enhanced liquidity and flexible funds to grow Canadian Solar’s Recurrent Energy’s global business through our well-established solar and battery storage development track record and financing capabilities.”

Makoto Ito, Head of Financing Group, Goldman Sachs Japan commented, “We are honored to contribute to Canadian Solar’s ongoing growth. Since helping to arrange its debut green project bond issue in 2016, we have strived to provide differentiated and innovative solutions to support Canadian Solar in achieving its business objectives. Renewable energy is a dynamic sector where creativity and the ability to think outside of the box are critical to success. We look forward to continuing to partner with Canadian Solar in its quest to create a more sustainable planet for future generations.”