Stocks: CSIQ

Canadian Solar taps Mizuho Bank for US$39.5 million loan

The second largest ‘Silicon Module Super League’ (SMSL) member Canadian Solar has secured a syndicated loan agreement through Japan’s Mizuho Bank for JPY4.7 billion (US$39.5 million). 

Canadian Solar said that its Japanese subsidiary Canadian Solar Japan K.K., had secured the loan for working capital and business operations, primarily in PV power plant and module supply. 

Dr. Shawn Qu, chairman and CEO of Canadian Solar said: "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."

Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide the syndicated loan which has a one-year term with an option for one year extension.

Canadian Solar has a PV project pipeline of around 600MWp in Japan, its second largest outside North America. 

Tags: investment, canadian solar, japan