‘Silicon Module Super League’ (SMSL) member Canadian Solar has secured US$141.5 million in project funding from Hanwha Asset Management to build and operate a 55MWp solar power plant in the Yamaguchi prefecture, Japan.
Canadian Solar said that the financing was arranged as senior and subordinate non-recourse term loan facilities with a maturity of 17 years.
“This is our largest investment in Japan to date and represents a significant milestone in the build-out of our solar power pipeline,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Japan is a key growth market for the Company, where we have 597MWp of utility scale projects in late-stage development.”
Ju Su Lee, Head of Global Alternative Investments at Hanwha added, “Renewable energy is a focus sector for Hanwha. We are pleased to arrange this facility for Canadian Solar in support of their growth plans in Asia.”