GUELPH, Ontario, Sept. 27, 2018 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of
the world's largest solar power companies, today announced that its
wholly-owned subsidiary Canadian Solar Projects K.K. has renewed
and extended its credit facility to JPY 10.7
billion (US$ 96 million), with
a syndicate of 10 lenders led by Sumitomo Mitsui Banking
Corporation ("SMBC").
The new SMBC credit facility extends the 2019 debt maturity to
2022 and increases the capacity of that facility from JPY 9.6 billion to JPY
10.7 billion. This facility is unsecured and proceeds from
the long-term debt will further enhance Canadian Solar's
flexibility to develop its solar pipeline in Japan and fund general corporate working
capital requirements.
"We value our long-term partnership with SMBC and our syndicate
lenders. We have successfully raised in excess of JPY 25 billion of credit lines with the broader
Sumitomo Mitsui Financial Group over the last two years," commented
Dr. Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar, "The new facility reflects the
strength of our business and provides us with enhanced liquidity
and flexible funds to grow the Japan business through our well-established
solar development track record and financing capability."
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 29 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 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.