Solar Module Super League (SMSL) member Canadian Solar has issued a ¥18.5 billion (US$123.6 million) private placement in Japan.
Canadian Solar said the private placement provided the company with enhanced liquidity and flexible funds to grow its project development subsidiary Recurrent Energy’s global business. The private placement has a three-year tenor with a mix of both semi-annual fixed (1.82% per annum) and floating (circa 1.49% per annum) coupons.
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“This is another green bond transaction brought to the Japanese market by Canadian Solar, and we are very pleased to receive strong support from leading Japanese financial institutions, which demonstrates their confidence in the growth prospects of Canadian Solar,” said Shawn Qu, chairman and CEO of Canadian Solar.
Canadian Solar has closed seven transactions in Japan for its ground-mounted solar projects, totalling over ¥40 billion since 2016.
Last month, Canadian Solar secured 4GWp of solar module contracts during the RE+ event in Las Vegas. Canadian Solar said the modules will be produced by its upcoming manufacturing plant in Texas and the expanded Thailand module assembly plant.