Canadian Solar to Receive C$115.5 Million Loan from National Bank of Canada
GUELPH, Ontario, May 2, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the National Bank of Canada will provide the Company with C$115.5 million, in short-term construction financing. The credit facility will be used to support the construction of three solar power projects in Ontario, Canada, totaling 30 MWac.
The three solar power projects – "Sparkle Light" (Beaverton), "Good Light" (Kawartha Lakes) and "Lunar Light" (Belleville) – have all been awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under Ontario's Feed-In-Tariff Program. "Sparkle Light" and "Good Light" are already in construction and the construction of "Lunar Light" is planned to commence in July 2014. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.
"We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The strength and breadth of our broader global financing network directly reflects Canadian Solar's Tier 1 position in the solar industry, and is helping us to streamline and speed the development process."
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 improving the environment and dedicated to providing 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 are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from expectations. 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 solar 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 and the Province of Ontario; 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; delays in the utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; solar equipment failure; 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 28, 2014. 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.