Canadian Solar Closes GBP35 Million Solar Project Financing with Investec
GUELPH, Ontario, June 08, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that on May 7th 2015 it closed a GBP35 million ($53 million) project financing facility with Investec Bank plc ("Investec"), for a portfolio of four solar power plants with an installed capacity totaling 40.2 megawatts.
Located at four different locations across England, the installations have been built under the Renewables Obligation regime and became operational in March 2015.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: "The UK market is an important component of our strategy to build and own solar power plants that we plan to drop into a YieldCo vehicle in the months ahead. Our goal is to continue investing in the UK and we look forward to continue working with Investec to support our growth."
Olivier Fricot, Head of Power and Infrastructure Lending, Investec, said: "Investec supported Canadian Solar in its first ROC based project financing. It further endorses the expertise of our team in the UK renewables sector. This transaction represents a significant deal with one of the leading global solar energy players, and we look forward to further developing this relationship in a number of geographies where our respective organizations operate."
Investec acted as sole mandated lead arranger on this transaction. Investec has a growing presence in the UK solar market, having funded in excess of 350MWp to date.
About Canadian Solar
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 deployed over 10 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the world, 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.
About Investec Power and Infrastructure Finance:
Investec Power and Infrastructure Finance advises, structures, arranges and provides financing options across a wide range of specialist infrastructure sectors. A global team of over 50 dedicated staff specialises in PPP and PFI projects in the transport and social infrastructure sectors as well as power transactions. The team is part of Investec's Corporate and Institutional Banking division. Investec is an international, specialist banking group providing a diverse range of financial products and services to a client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. For more information, visit www.investec.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 Harbour" 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 solar grade 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, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; 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; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; 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 its 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.
SOURCE Canadian Solar Inc.
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