GUELPH, Ontario, May 15, 2018 /PRNewswire/ -- Recurrent Energy, a
wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar")
(NASDAQ: CSIQ), today announced that it has closed on debt
financing and tax equity investment commitment for the 74.8
MWac/102 MWp NC 102 solar photovoltaic project, located in
Cabarrus County, North
Carolina.
Prudential Capital Group will provide a $106.7 million debt facility for the project,
including a tax equity bridge loan, term loan and revolving loan to
the project. U.S. Bancorp Community Development Corporation
("USBCDC"), a division of U.S. Bank, will make a tax equity
investment in the project under a separate agreement.
"Prudential Capital Group and USBCDC are widely regarded as
leading investors in the energy space, and we are pleased to
partner again with them to continue growing our project portfolio
in the United States," said Dr.
Shawn Qu, chairman and chief
executive officer of Canadian Solar.
The NC 102 project, which is under construction and is expected
to reach commercial operation in the third quarter of 2018, will be
one of the largest operating solar projects in North Carolina. The project has a power
purchase agreement for 10 years starting in 2018 with Duke Energy
Carolinas. Once operating, the project will generate enough clean
solar power to meet the energy needs of approximately 12,000
homes.
"Prudential Capital Group is pleased to continue supporting the
growth of renewable energy in North
Carolina and to strengthen our relationship with Canadian
Solar and Recurrent Energy," said Wendy
Carlson, managing director of Prudential Capital Group's
Energy Finance Group: Power.
USBCDC and Prudential Capital Group financed last year the IS-42
solar project in North Carolina,
which Recurrent Energy brought to commercial operation in
October 2017. USBCDC and Prudential
Capital Group have also separately partnered with Recurrent Energy
on various solar projects developed in California.
"It is our pleasure to collaborate with Recurrent Energy to
support the solar industry in North
Carolina," said Adam
Altenhofen, vice president of USBCDC. "As solar energy
continues to grow in the state, we look forward to being part of
that growth."
About Prudential Capital Group
Prudential Capital Group is the private capital investment arm
of PGIM, the $1 trillion global
investment management business of Prudential Financial, Inc.
(NYSE:PRU). Prudential Capital Group has been a leading provider of
private placements, mezzanine debt and equity, to companies for
more than 75 years. Managing a portfolio of $81.7 billion as of March
31, 2018, Prudential Capital offers senior debt, mezzanine
financing, leveraged leases, project financing, credit tenant
leases as well as asset financing to companies, worldwide. The
global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los
Angeles, Milan,
Minneapolis, Newark, New York, Paris, San
Francisco and Sydney.* For
more information, please visit prudentialcapitalgroup.com.
*Operates through PGIM (Australia) Pty Ltd.
About U.S. Bancorp Community Development Corporation
With $27 billion in managed assets as of March
31, 2018, U.S. Bancorp Community Development Corporation, a
subsidiary of U.S. Bank, provides innovative financing
solutions for community development projects across the country
using state and federally sponsored tax credit programs. USBCDC's
commitments provide capital investment to areas that need it the
most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic
activity in underserved communities. Visit USBCDC on the web
at www.usbank.com/cdc.
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
approximately 5 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 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 26
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 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.
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SOURCE Canadian Solar Inc.