GUELPH, Ontario, Oct. 13, 2016 /PRNewswire/ -- Canadian Solar Inc.
(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 entered
into a syndicated 3- year loan facility for JPY9.6 billion (US$95
million). Sumitomo Mitsui Banking Corporation ("SMBC")
acted as the lead arranger.
The loan facility syndication was well received by the
Japan banking community with
participation of 13 financial institutions. The loan proceeds
will be used to finance solar project development in Japan and general corporate working capital
requirements.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar Inc. commented, "We are very
pleased to receive strong support from a leading group of financial
institutions, which demonstrates their confidence in the growth
prospects of Canadian Solar. We are well positioned to access
competitively priced funding to support solar development
opportunities in Japan. We value
our partnership with SMBC, a tier-1 bank in Japan with a global presence and we look
forward to continuing the cooperation to support our business
growth in Japan and other
important markets."
About Canadian Solar
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, follow Canadian Solar
on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release 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 the risks regarding general
business and economic conditions and the state of the solar
industry; governmental support for the deployment of solar power;
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
UK, Japan, the U.S. 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 including solar cell to replace lost
production at the Funing solar cell plant during the plant
rebuilding and recovery phase; ability to recover weather related
damages to the Funing solar cell plant from insurance carriers ;
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.
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SOURCE Canadian Solar Inc.