Prudential Financial takes $60 million in non-recourse notes for Canadian Solar Japanese PV projects
Written By: Stratton Report
July 11, 2016
On July 11, Canadian Solar Inc. announced that it has entered into a private placement with Prudential Financial, Inc for JPY 6.2 billion ($60.0 million) in non-recourse notes. The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MWp in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. observed:
“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. 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.”