Canadian Solar announces $50 million stock offering

Canadian Solar announced this week its plans to sell up to US$50 million of its common shares through an at-the-market equity offering brokered by Credit Suisse.

The company stated that any sales of its common shares would be made at its own discretion via ordinary broker transactions (including on the NASDAQ); in negotiated market-price transactions, or as agreed with the sales agent.

Proceeds from the sales will, according to a press release issued by Canadian Solar on Thursday, be used for general corporate purposes, believed to include working capital and solar power project development expenses.

The terms of the offering have been filed with the Securities and Exchange Commission (SEC), which outlines how the common shares will be offered under the company’s existing shelf registration statement.

At the beginning of August, shares in Canadian Solar surged by 12% after the sale of five utility-scale power plants in Ontario – a deal that will total 49 MW.