Canadian Solar Inc.\u00a0(the “Company<\/b>“, or “Canadian Solar<\/b>“) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it has secured a non-recourse project finance facility of up to\u00a0JPY16 billion\u00a0($149 million) from\u00a0Shinsei Bank, Limited\u00a0(“Shinsei Bank<\/b>“) for its 53.4 MWp Oita Hijimachi solar power project.<\/p>\n
The non-recourse facility has an 18.5-year tenor, with debt repayment flexibility in 2019 to enable a potential sale of the solar power project to\u00a0Canadian Solar Infrastructure Fund, Inc., recently listed on the\u00a0Tokyo Stock Exchange.<\/p>\n
The Oita Hijimachi solar power project is located on\u00a0Kyushu Island\u00a0in southern\u00a0Japan. Construction of the project commenced in\u00a0November 2017.\u00a0Canadian Solar\u00a0will supply approximately 160,000 CS6U\u00a0MaxPower<\/a>\u00a0solar panels. The project is expected to begin commercial operation in\u00a0May 2019\u00a0and will sell its electricity generation to\u00a0Kyushu Electric Power Company, Inc.\u00a0under a 20-year feed-in-tariff contract at the highest rate of\u00a0JPY40.0($0.37)\u00a0per kWh.<\/p>\n “Today’s announcement marks our largest non-recourse credit facility raised in\u00a0Japan. We are delighted to have\u00a0Shinsei Bank\u00a0provide us with low cost, flexible and rapidly deployable debt to fund the construction of our largest project this year,” commented Dr.\u00a0Shawn Qu, Chairman and Chief Executive Officer of\u00a0Canadian Solar. “We have secured\u00a0JPY65 billion\u00a0of project financing over the past 3 years, a testament to the superior quality of our project development and performance of our\u00a0Japan\u00a0assets.”<\/p>\n