Canadian Solar signs corporate finance package in Japan

Canadian Solar Inc., one of the world's largest solar power companies, has recently announced that its wholly owned subsidiary Canadian Solar Japan K.K. has entered into a syndicated loan agreement with Mizuho Bank, Ltd. acting as the Book-runner.

Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide this JPY4.7 billion ($39.5 million) syndicated loan which has a 1 year term with an option for 1 year extension.

The proceeds of the financing package will be used to support Canadian Solar Japan K.K with its working capital and business operations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said:

"We are delighted to partner with this leading group of lenders, which enables us to execute on our business strategy and capture the growing business opportunities in Japan. This partnership once again demonstrates Canadian Solar's strength and recognition as the global tier-1 leader that is able to get local financing from large banks in Japan. We look forward to continuing the cooperation with Mizuho Bank."

We recently announced that Canadian Solar had entered into agreements with International Finance Corporation (IFC), to receive a financing package of up to US$70 million in loans and equity investment.