GUELPH, Ontario, Nov. 15, 2017 /PRNewswire/ -- Recurrent Energy,
LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian
Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ),
today announced it has closed on a combined construction loan and
construction letter of credit facility for the 20 MWac/28 MWp
Gaskell West 1 solar power project.
KeyBank N.A. provided the construction loan and construction
letter of credit facility for the project, while KeyBanc Capital
Markets Inc. acted as lead arranger for the deal. This marks
Recurrent Energy's seventh transaction with KeyBanc Capital
Markets.
"As we advance our solar project pipeline across the U.S.,
long-standing financial partners like KeyBanc Capital Markets are
critical to our continued success," said Dr. Shawn Qu, chairman and chief executive officer
of Canadian Solar.
"Recurrent Energy delivers consistently high-quality solar
projects, and we are pleased to take a leading role in the Gaskell
West 1 project," said Daniel Brown,
managing director, KeyBanc Capital Markets Utilities, Power &
Renewable Energy Group. "This transaction underscores our continued
commitment to building sustainable communities."
The Gaskell West 1 project began construction in autumn of 2017
and is expected to reach commercial operation in spring of 2018.
The project will deliver clean solar energy to Southern California
Edison under a long-term power purchase agreement.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment
bank providing capital markets and advisory solutions to dynamic
companies capitalizing on opportunities in changing industries. Our
deep industry expertise, broad capabilities and unique ideas are
seamlessly delivered to companies across the Consumer & Retail,
Diversified Industries, Healthcare, Industrial, Oil & Gas, Real
Estate, Utilities, Power & Renewables, and Technology
verticals. With over 800 professionals across a national platform,
KeyBanc Capital Markets has more than $30
billion of capital committed to clients and an award-winning
Equity Research team that provides coverage on over 700
publicly-traded companies. KeyBanc Capital Markets is a trade name
under which corporate and investment banking products and services
of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc.,
Member NYSE/FINRA/SIPC ("KBCMI"), and KeyBank National Association
("KeyBank N.A."), are marketed. Securities products and services
are offered by KeyBanc Capital Markets Inc. and its licensed
securities representatives, who may also be employees of KeyBank
N.A. Banking products and services are offered by KeyBank N.A.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project
developer, delivering competitive, clean electricity to large
energy buyers. Based in the U.S., Recurrent Energy is a wholly
owned subsidiary of Canadian Solar, Inc. and functions as Canadian
Solar's U.S. project development arm. Recurrent Energy has more
than 4 GW of solar projects in development in the U.S. Additional
details are available at www.recurrentenergy.com.
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 a provider of solar energy solutions, Canadian Solar
has a geographically diversified pipeline of utility-scale power
projects in various stages of development. In the past 16 years,
Canadian Solar has successfully delivered over 24 GW of premium
quality modules to over 100 countries around the world.
Furthermore, Canadian Solar is one of the most bankable companies
in the solar industry, having been publically listed on NASDAQ
since 2006. For additional information about the company, follow
Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's 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 results, 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 27, 2017. 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.