Canadian Solar Inc.\u00a0(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\u00a0JPY 10.7 billion\u00a0(US$ 96 million), with a syndicate of 10 lenders led by\u00a0Sumitomo Mitsui Banking Corporation\u00a0(“SMBC”).<\/p>\n
The new SMBC credit facility extends the 2019 debt maturity to 2022 and increases the capacity of that facility from\u00a0JPY 9.6 billion to JPY 10.7 billion. This facility is unsecured and proceeds from the long-term debt will further enhance\u00a0Canadian Solar’s\u00a0flexibility to develop its solar pipeline in\u00a0Japan\u00a0and fund general corporate working capital requirements.<\/p>\n
“We value our long-term partnership with SMBC and our syndicate lenders. We have successfully raised in excess of\u00a0JPY 25 billion\u00a0of credit lines with the broader\u00a0Sumitomo Mitsui Financial Group\u00a0over the last two years,” commented Dr.\u00a0Shawn Qu, Chairman and Chief Executive Officer of\u00a0Canadian Solar, “The new facility reflects the strength of our business and provides us with enhanced liquidity and flexible funds to grow the\u00a0Japan\u00a0business through our well-established solar development track record and financing capability.”<\/p>\n