Canadian Solar, one of the world’s leading solar power companies, announced this week that it has signed a credit facility worth ¥4 billion ($35 million) with Sumitomo Mitsui Finance and Leasing Company, one of Japan’s largest leasing institutions.
According to rankings published last month by GlobalData, Canadian Solar is the third largest solar PV manufacturer (behind Jinko Solar and Trina Solar). With over 19 gigawatts of solar modules delivered worldwide since its foundation in 2001, Canadian Solar has served more than 100 countries globally.
In an announcement on Thursday, Canadian Solar revealed it had entered into a 3-year credit agreement worth ¥4 billion ($35 million) with Sumitomo Mitsui Finance and Leasing Company (SMFL), a member of Sumitomo Mitsui Financial Group — one of Japan’s largest leasing institutions with a global presence. The credit facility received commitments from five separate finance leasing institutions, and Canadian Solar will use the funding to expand the development of solar energy projects in Japan.
“We are pleased to secure strong support from a leading group of finance leasing institutions,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets.”
This is good news for Canadian Solar, which has suffered along with all the other solar manufacturers in their financial activity, given the continuing decline in solar costs. The company reported record shipments for the fourth quarter and full-year 2016, but had to report much lower revenue than the year prior.
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