Canadian Solar Inc. today announced that it has signed a JPY3.5 billion (US$28.35 million) credit facility agreement with Rabobank Hong Kong. The credit facility has a two-year maturity and will be used to finance the construction of an initial portfolio of up to 20MW of Canadian Solar's solar power plants in Japan.
"We are pleased to complete this credit facility to support the construction of our solar projects in Japan. This is the second construction loan we received from Rabobank, which further enhances our partnership in the global energy markets," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "Japan is a key market for us, and we are excited to build-out our solar power pipeline to support the launch of our planned Yieldco."
Amardeep Parmar, Head -- Asia, Project Finance at Rabobank said, "Renewable energy is a focus sector for Rabobank. We are pleased to provide this construction facility to Canadian Solar, an existing client of Rabobank and partner with them in their growth plans in Asia."