GUELPH, Ontario, Feb. 26, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Natixis, New York Branch/Norddeutsche Landesbank Girozentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland', New York Branch ("Natixis") will provide the Company with up to C$ 52 Million, in non-recourse, construction plus term financing. The loan facility has a maturity term of construction plus 10 years and will be used to finance the previously announced 10MW (ac) utility-scale solar power project "Glenarm", which is being acquired by DIF Infra 3 RE Canada (Ltd).
Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2014. The project has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under the Ontario's Feed-In-Tariff Program.
"We are pleased to add Natixis, Norddeutsche Landesbank Girozentrale, Cooperative Centrale Raiffeisen-Boerenleenbank B.A. and Rabobank Nederland to our already strong group of leading international financial partners," said Dr, Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "Access to attractive financial backers gives us a distinct competitive advantage and has been essential to the successful rapid ramp of our project pipeline. As a Tier 1 company, we are committed to meeting all project performance and schedule expectations, as we continue to expand our late-stage project pipeline and total solar solutions business around the world, including Canada, Japan, the United States and other promising markets."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to statements regarding the expected start of construction, date of completion milestone payment terms, period of service, power production and environmental impact 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 the risks regarding general business and economic conditions and the state of the solar industry; 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 in our project markets, including Canada, U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2013. 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. You 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.
SOURCE Canadian Solar Inc.