GUELPH, Ontario, Dec. 5, 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
closed JPY14.9 billion (US$141.5 million) senior and subordinate
non-recourse term loan facilities to finance the construction and
operation of a 55 MWp solar power plant in the Yamaguchi
prefecture, Japan. The facilities were arranged by Hanwha
Asset Management and have a maturity of 17 years.
"We are pleased to close the project finance facilities with
Hanwha Asset Management and commence construction of the Yamaguchi
Shin Mine project. This is our largest investment in
Japan to date and represents a
significant milestone in the build-out of our solar power
pipeline," commented Dr.
Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar. "Japan is a key growth market for the Company,
where we have 597 MWp of utility scale projects in late-stage
development."
Ju Su Lee, Head of Global
Alternative Investments at Hanwha said, "Renewable energy is a
focus sector for Hanwha. We are pleased to arrange this facility
for Canadian Solar in support of their growth plans in Asia."
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 15 years,
Canadian Solar has successfully delivered over 17 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.
About Hanwha Asset Management
Hanwha Asset Management is Korea's second largest asset
management company in terms of assets under management ("AUM"). The
company offers a full range of financial instruments, including
stocks, bonds, MMFs, fund of funds, social overhead capital,
derivatives, real estate, hedge funds, ETFs, and PEFs in both
domestic and overseas capital markets. For more information
about the Hanwha Group, please visit: www.hanwha.com.
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; cancelation
of utility-scale feed-in-tariff contracts in Japan; 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.
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SOURCE Canadian Solar Inc.