GUELPH, Ontario, Aug. 27, 2020 /PRNewswire/ -- Canadian Solar
Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced that
its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent
Energy"), recently executed a $75
million development loan transaction with Nomura Corporate
Funding Americas, LLC ("Nomura"). The loan facility leverages
Recurrent Energy's strong existing pipeline to fund and accelerate
its development activities in the U.S. and Canada.
Dr. Shawn Qu, Chairman
and Chief Executive Officer of Canadian Solar said, "We
are pleased to partner with Nomura, a global leader in financial
services, on the $75 million
development loan facility. This transaction reflects Nomura's
strong confidence in Recurrent Energy's high quality solar and
energy storage assets in North
America. Despite the challenging market backdrop due to the
ongoing pandemic, I am proud that our teams have continued to work
hard with our partners to secure financing and execute on our
quality pipeline. We are especially appreciative of the trust that
partners such as Nomura have placed in us to advance our
development portfolio and bring these clean energy projects to
fruition."
Vinod Mukani, head of Nomura's Infrastructure and Power
Finance (IPF) group said, "Nomura is excited to provide
liquidity to Recurrent Energy's robust development pipeline and to
extend its relationship with Canadian Solar. The development
pipeline is comprised of strong utility scale solar and solar plus
storage assets developed intelligently from the ground up. Nomura
is always pleased to develop creative solutions for its clients,
particularly those like Recurrent Energy who have talented teams
and a compelling business strategy."
Recurrent Energy has a proven track record in executing
innovative corporate and project financings, employing a
tailored and flexible approach to maximize value for customers,
investors and local communities. Recently, it announced the closing
of $282 million of debt financing to
construct its Maplewood solar
projects and $234 million of
debt and tax equity financing for its Pflugerville project, contributing to
Texas' economic growth and clean
energy transition.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and 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 North American 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 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 19 years,
Canadian Solar has successfully delivered over 46 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.
About Nomura
Nomura is a global financial services group with an integrated
global network spanning over 30 countries. By connecting markets
East & West, Nomura services the needs of individuals,
institutions, corporates and governments through its four business
divisions: Retail, Asset Management, Wholesale (Global Markets and
Investment Banking), and Merchant Banking. Founded in 1925, the
firm is built on a tradition of disciplined entrepreneurship,
serving clients with creative solutions and considered thought
leadership. Nomura's Infrastructure and Power Finance business
provides a diverse pool of financing solutions to project owners
globally.
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 Form 20-F filed
on April 28, 2020. 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.