GUELPH, Ontario, July 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has entered into a private placement with Prudential Capital Group, pursuant to which, the global investment management business of Prudential Financial, Inc. has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MWp in Japan.
"This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar's project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
Safe Harbor/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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
This press release is made solely for information. Accordingly this press release does not constitute an offer to sell securities, loans or any financial products which may be mentioned herein and should not be construed as consisting of investment advice.
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SOURCE Canadian Solar Inc.