Canadian Solar obtains $142 million in non-recourse funding for 55-MW solar plant in Japan
Written By: Stratton Report
December 5, 2016
On December 5, Canadian Solar Inc. announced that it had closed JPY 14.9 billion ($141.5 million) senior and subordinated non-recourse term loan facilities to finance the construction and operation of a 55-MW solar power plant in Japan.
The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar remarked:
“We are pleased to close the project finance facilities with Hanwha Asset Management and commence construction of the Yamaguchi Shin Mine project. This is our largest investment in Japan to date and represents a significant milestone in the build-out of our solar power pipeline. Japan is a key growth market for the Company, where we have 597 MWp of utility scale projects in late-stage development.”
Ju Su Lee, Head of Global Alternative Investments at Hanwha noted: “Renewable energy is a focus sector for Hanwha. We are pleased to arrange this facility for Canadian Solar in support of their growth plans in Asia.”