GUELPH, Ontario, Dec. 14, 2018 /PRNewswire/ -- Canadian Solar Inc.
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the
world's largest solar power companies, today announced it has
achieved financial close on a US$69.0
million non-recourse project financing for the 67.8 MWp
Aguascalientes solar power project in Mexico.
Arranged by Canadian Solar, the $69.0 million non-recourse financing
package was provided
by Banco Nacional de Comercio Exterior, S.N.C. ("Bancomext")
and Banco Sabadell. Bancomext is a Mexican Development Bank and
Export Credit Agency, whereas Banco Sabadell is a commercial
banking group headquartered in Spain.
The financing package consists of a US$53.2 million long-term loan, a US$5.6 million letter of credit facility, and a
US$10.2 million Value Added Tax (VAT)
short-term loan. Proceeds from the long-term loan will be used to
repay a US$45 million construction
loan that was previously provided by Natixis.
The Aguascalientes project was
awarded a Power Purchase Agreement (PPA) during the 2016 inaugural
Mexico energy auction. Electricity
generated by the plant will be sold to Comisión Federal de
Electricidad, under a 15-year PPA for energy and capacity, and
20-year for Clean Energy Certificates. The solar power plant
utilizes over 200,000 high-efficiency CS6U-P Max Power modules supplied by Canadian
Solar and is expected to begin its commercial operations
before the end of December 2018.
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, commented, "We are pleased to partner with
Bancomext and Banco Sabadell to support Mexico's goal of reaching 35% renewable energy
by 2024. We already have a 436 MWp late-stage pipeline with
contracted PPAs in Mexico. These
solar projects will enable Canadian Solar to create many local jobs
across the Aguascalientes,
Hermosillo, and Obregón
regions."
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 17 years,
Canadian Solar has successfully delivered over 30 GW of premium
quality modules to over 150 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.
Canadian Solar's 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 26, 2018. 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.
View original
content:http://www.prnewswire.com/news-releases/canadian-solar-closes-us69-0-million-financing-with-bancomext-and-banco-sabadell-for-solar-project-in-mexico-300765639.html
SOURCE Canadian Solar Inc.