GUELPH,
ON, Oct. 17, 2023 /PRNewswire/
-- Canadian Solar Inc. (the "Company", or "Canadian Solar")
(NASDAQ: CSIQ) today announced the successful placement of a
JPY 18.5 billion green samurai
private placement ("private placement"). Goldman Sachs Japan
Co., Ltd. ("GS"), was the lead arranger and sole book runner with
the domestic bond investors.
The private placement has a 3-year tenor with a mix of both
semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.)
coupons.
The Japan Credit Rating Agency, Ltd. ("JCR") has assigned this
structured bond with an investment grade rating of "A-". Also
importantly, JCR certified the issuer with the highest Green 1
rating under the Japanese Green Bond guidelines. Orix Bank
Corporation has been appointed as the trustee.
Canadian Solar has been a seasoned project bond issuer in
Japan and had closed seven
transactions for its ground mounted solar projects totaling over
forty billion Japanese yen since
2016.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar commented, "This is another
ground-breaking 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. We are well positioned to access competitively priced
funding, supported by the strength of our business, and this bond
provides us with enhanced liquidity and flexible funds to grow
Canadian Solar's Recurrent Energy's global business through our
well-established solar and battery storage development track record
and financing capabilities."
Makoto Ito, Head of Financing
Group, Goldman Sachs Japan commented, "We are honored to
contribute to Canadian Solar's ongoing growth. Since helping to
arrange its debut green project bond issue in 2016, we have strived
to provide differentiated and innovative solutions to support
Canadian Solar in achieving its business objectives. Renewable
energy is a dynamic sector where creativity and the ability to
think outside of the box are critical to success. We look forward
to continuing to partner with Canadian Solar in its quest to create
a more sustainable planet for future generations."
About Canadian Solar Inc.
Canadian Solar was
founded in 2001 in Canada and is
one of the world's largest solar technology and renewable energy
companies. It is a leading manufacturer of solar photovoltaic
modules, provider of solar energy and battery storage solutions,
and developer of utility-scale solar power and battery storage
projects with a geographically diversified pipeline in various
stages of development. Over the past 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the Company,
follow Canadian Solar on LinkedIn or visit
www.canadiansolar.com.
Safe Harbour/Forward-Looking Statements
Certain
statements in this press release are forward-looking statements
that involve a number of risks and uncertainties that could cause
actual results to differ materially. These statements are made
under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
Canadian Solar Inc. Contacts
Isabel Zhang
Investor
Relations
Canadian Solar
Inc.
investor@canadiansolar.com
|
David
Pasquale
Global IR
Partners
Tel:
+1-914-337-8801
csiq@globalirpartners.com
|
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SOURCE Canadian Solar Inc.