Canadian Solar Inc. today announced that it has secured a credit facility pursuant to which Ping An Bank, from China, will provide up to $300 million to Canadian Solar's wholly owned subsidiary Recurrent Energy LLC to support its solar power project development, construction and operation activities.
The credit facility has a three-year maturity.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said:
"We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China.
This transaction again demonstrates Canadian Solar's leadership position in the global solar industry. The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world."
The company had said on Tuesday it has suspended its US$100-million at-the-market equity offering programme due to the current market conditions.
Before suspending the programme the company had issued 500,000 common shares at USD 27.73 apiece for a total of USD 13.6 million in net proceeds, it said in a press release.
The proceed were supposed to be used for general corporate purposes, possibly including solar power project development and working capital.
Credit Suisse Group AG acted as sales agent for the offering.