Canadian Solar Inc. has announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a 3-year credit agreement for JPY4 billion (US$36 million) with Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL), a member of Sumitomo Mitsui Financial Group.
SMFL is one of Japan's largest leasing institutions with global presence. The facility received commitments from five finance leasing institutions. The company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented:
"We are pleased to secure strong support from a leading group of finance leasing institutions. We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion (US$117 million) of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets."
Canadian Solar is a large solar power company. As 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 16 years, Canadian Solar has successfully delivered over 19 GW of quality modules to over 100 countries around the world.