Canadian Solar Secures $300 Million Credit With Ping An Bank
One of the world’s largest solar power companies, Canadian Solar, announced last week it had secured a $300 million credit facility with Ping An Bank.
Canadian Solar made the announcement last week, revealing that it had secured a credit facility in which Chinese bank Ping An Bank will provide up to $300 million to Canadian Solar’s wholly owned subsidiary, Recurrent Energy LLC, in support of the company’s solar power project development, construction, and operation activities.
Ping An Bank is the largest commercial bank in China, and will provide the credit facility with a three-year maturity.
“We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China. This transaction again demonstrates Canadian Solar’s leadership position in the global solar industry,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
“The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world.”
The news came at the same time that Canadian Solar announced that it was raising guidance for the fourth quarter and full financial year 2015 due to higher-than-expected shipments. Canadian Solar raised its guidance for shipments and revenue for both the fourth quarter and full year, due to “stronger than expected results” in the fourth quarter, with total module shipments for the year now expected to be in the range of 4.63 GW to 4.68 GW, including approximately 300 MW of module shipments to the company’s own downstream projects.
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