Canadian Solar Inc.has announced that its wholly owned subsidiary CSI Solar Power (China) Inc. has successfully completed the initial issuance of RMB400 Million (US$60 million) commercial paper.
With a tenor of 1 year, the commercial paper bears a fixed interest rate of 5.5%. Canadian Solarintends to use the proceeds from this issuance to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and book runner of the issuance.
Dr.Shawn Qu, Chairman and Chief Executive of Canadian Solar Inc. commented:
"We are delighted to complete our first issuance of commercial paper in the Chinese capital market, further expanding our financing options. This transaction underscores investors' confidence in Canadian Solar's strong position in the global solar industry."
Founded in 2001 in Canada, Canadian Solar is a 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 14 years, Canadian Solar has successfully delivered over 15 GW of modules to over 90 countries around the world.