GUELPH, Ontario, April 29,
2019 /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 expanded and renewed its credit
facility with a syndicate of four finance leasing institutions led
by Sumitomo Mitsui Finance and Leasing Company, Limited ("SMFL"), a
member of Sumitomo Mitsui Financial Group. SMFL is one of
Japan's largest leasing
institutions with global presence.
The facility has been increased from JPY
4.0 billion (US$36 million) to JPY 5.35 billion (US$48 million) and
will mature in March 2022. The
Company intends to utilize the facility to develop more high
quality solar power projects in Japan.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar Inc. commented, "Since 2018, as
a testament to Canadian Solar's deep operating experience and
credit strength, we have successfully raised JPY 16 billion (US$ 145
million) of flexible capital sources at favorable rates from
our relationship Japanese lenders. We value the ongoing support of
SMFL and our syndicate group of finance leasing institutions."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and
foremost solar power companies. It is a leading manufacturer of
solar photovoltaic modules and provider of solar energy solutions
and has a geographically diversified pipeline of utility-scale
power projects in various stages of development. Over the past 18
years, Canadian Solar has successfully delivered over 32 GW of
premium quality modules to customers in over 150 countries around
the world. 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 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; delays in
the completion of project sales; 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 25, 2019. 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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content:http://www.prnewswire.com/news-releases/canadian-solar-secures-jpy-5-35-billion-credit-facility-with-sumitomo-mitsui-finance-and-leasing-company-300839610.html
SOURCE Canadian Solar Inc.