September 27 (Solar) – A subsidiary of Canadian Solar Inc (NASDAQ:CSIQ) in Japan has extended its credit facility to JPY 10.7 billion (USD 95m/EUR 81m) from JPY 9.6 billion, the parent company announced today.
Canadian Solar Projects KK has also prolonged the 2019 debt maturity of the particular credit facility to 2022. The transaction was arranged with a syndicate of 10 lenders led by Sumitomo Mitsui Banking Corporation (SMBC).
The solar power company will use proceeds from the debt facility when developing projects from its Japanese pipeline. A portion will also go towards funding general corporate working capital requirements.
Canadian Solar’s chairman and CEO, Shawn Qu, commented that the expanded facility will provide the company with enhanced liquidity and flexible funds to grow its operations in Japan. Qu noted that the firm has successfully raised over JPY 25 billion of credit lines with the broader Sumitomo Mitsui Financial Group over the last two years.
(JPY 100 = USD 0.886/EUR 0.757)