{"id":611,"date":"2020-10-26T13:00:09","date_gmt":"2020-10-26T04:00:09","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=611"},"modified":"2020-10-26T11:42:58","modified_gmt":"2020-10-26T02:42:58","slug":"canadian-solar-kepco-and-sprott-close-us93-million-non-recourse-financing-with-smbc-for-the-tastiota-project-in-mexico","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2020\/611.html","title":{"rendered":"CANADIAN SOLAR, KEPCO AND SPROTT CLOSE US$93 MILLION NON-RECOURSE FINANCING WITH SMBC FOR THE TASTIOTA PROJECT IN MEXICO"},"content":{"rendered":"

GUELPH, ON,\u00a0Oct. 6, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a><\/span>\u00a0(the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), announced today the financial close of its 126 MWp Tastiota project in the\u00a0state of Sonora, Mexico. The non-recourse financing package, arranged by\u00a0Canadian Solar, was provided by\u00a0Sumitomo Mitsui Banking Corporation\u00a0(“SMBC”). SMBC acted as\u00a0Sole Structuring Bank\u00a0and Mandated Lead Arranger in the transaction.<\/span><\/p>\n

The\u00a0Tastiota\u00a0financing package consists of a\u00a0US$67 million\u00a0senior loan,\u00a0US$15 million\u00a0letter of credit facility, and a\u00a0US$12 million\u00a0VAT facility covering the construction and operational phase of the project.<\/span><\/p>\n

Following the\u00a0sale in\u00a0November 2019<\/a><\/span>\u00a0of the 49% interest in a 370 MWp portfolio of Mexican projects to Korea Electric Power Corporation (“KEPCO”),\u00a0South Korea’s\u00a0largest electric utility, and Sprott Korea (“Sprott”), a leading fund manager, these parties have entered into an agreement to acquire\u00a0Canadian Solar’s\u00a0remaining interest in the projects following their commercial operation date.<\/span><\/p>\n

The\u00a0Tastiota\u00a0project was awarded a Power Purchase Agreement (PPA) during\u00a0Mexico’s\u00a0third energy auction. Electricity generated by the project will be sold to the\u00a0Federal Electricity Commission\u00a0(CFE), under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates. The 126 MWp solar power plant will utilize\u00a0high efficiency BiHiKu modules supplied by\u00a0Canadian Solar<\/a>\u00a0<\/span>and is expected to begin operations at the end of 2020.<\/span><\/p>\n

Dr.\u00a0Shawn Qu<\/a><\/b><\/span>, Chairman and Chief Executive Officer of\u00a0Canadian Solar, commented, “We are very pleased to partner with SMBC to support\u00a0Mexico’s\u00a0green strategy and renewable energy goals. We are also delighted to collaborate with our global partners KEPCO and Sprott to advance this project. The closing of this non-recourse project finance during these extraordinary times is a strong sign of financial markets’ confidence in\u00a0Canadian Solar’s\u00a0vision and ability to deliver clean solar energy in\u00a0Mexico\u00a0and\u00a0Latin America\u00a0more broadly. I am proud of our teams’ accomplishments in contracting 436 MWp of PPAs in\u00a0Mexico, which is part of a broader 2.9 GWp portfolio of project backlog across\u00a0Latin America. We remain focused on serving this market and maintaining our valued relationships with energy regulators, investors, customers, suppliers and business counterparties, as well as supporting continued job creation across the renewable energy sector.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON,\u00a0Oct. 6, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(the “Company”, or “Canadi […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-611","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=611"}],"version-history":[{"count":1,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/611\/revisions"}],"predecessor-version":[{"id":612,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/611\/revisions\/612"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}