GUELPH, Ontario, Sept. 21, 2016 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one
of the world's largest solar power companies, today announced that
it has signed a financing agreement, pursuant to which, Export
Development Canada ("EDC") has agreed to provide guarantees or letters of credit of up to
US$100 million to Canadian Solar to
support its global activities of project development. Royal Bank of
Canada and Toronto Branch of China Construction Bank
Corporation will serve as fronting banks on the facility.
"We are very pleased to work with EDC to execute on our global
solar power business strategy. With EDC's backing, we are able to
improve our financial flexibility on our capital allocation to new
solar projects," commented Dr. Shawn
Qu, Chairman and Chief Executive Officer of Canadian Solar,
"The continuous support we received from EDC is a testament to our
leading position in the global solar industry. We value our
strategic partnership with EDC as we continue to deliver on our
commitment to accelerating the deployment of clean, reliable,
emission-free solar energy worldwide."
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 14 years,
Canadian Solar has successfully delivered over 16 GW of premium
quality modules to over 90 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, visit the Company's
website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
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; 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 20, 2016. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/canadian-solar-secures-us100-million-guarantee-facility-from-export-development-canada-300331640.html
SOURCE Canadian Solar Inc.