GUELPH, Ontario, Canada,
April 2, 2019 /PRNewswire/ --
Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ:
CSIQ) today announced that its wholly owned subsidiary Recurrent
Energy, LLC ("Recurrent Energy") has secured a $50 million letter of credit ("LC") facility from
multinational financial services firm, Natixis.
The $50 million LC facility is to
support the development of the Company's utility-scale solar
projects across the U.S. and Canada. Recurrent Energy will use this LC
facility primarily to support security obligations under power
purchase agreements and interconnection agreements for
development-stage projects. The facility size may be increased with
participation from other banking partners that are committed to the
North American renewable energy market.
"The closing of this innovative LC facility with long-time
partner Natixis reflects strong market confidence in Canadian
Solar's high quality solar assets in the U.S. and Canada," said Dr. Shawn Qu, chairman and chief executive officer
of Canadian Solar. "We are very happy to again join forces with
Natixis, a global leader in renewable energy financing, as we
continue to expand our North American solar portfolio."
The closing of this LC facility marks Canadian Solar's fifth
successful transaction with Natixis.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy
storage 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 approximately 5 GW of solar and storage
projects in development in the U.S. Additional details are
available at www.recurrentenergy.com.
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
solar power projects in various stages of development. Over the
past 18 years, Canadian Solar has successfully delivered over 32 GW
of premium-quality, solar photovoltaic modules to customers in over
150 countries. 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.
Canadian Solar Inc. Contacts
Mary Ma
Manager, Investor Relations
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Relations
Jesse Prier
Manager, Marketing & Communications
Tel: +1-415-814-1067
PR@RecurrentEnergy.com
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SOURCE Canadian Solar Inc.