Canadian Solar Inc. has announced the closing of JPY14.9 billion (US$131 million) senior and subordinate non-recourse term loan facilities to finance the construction and operation of a 55 MW solar power plant in the Yamaguchi prefecture, Japan.
The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years. Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented:
"We are pleased to close the project finance facilities with Hanwha Asset Management and commence construction of the Yamaguchi Shin Mineproject. This is our largest investment in Japan to date and represents a significant milestone in the build-out of our solar power pipeline."
Ju Su Lee, Head of Global Alternative Investments at Hanwha said:
"Japan is a key growth market for the Company, where we have 597 MWp of utility scale projects in late-stage development. Renewable energy is a focus sector for Hanwha. We are pleased to arrange this facility for Canadian Solar in support of their growth plans in Asia."