Canadian Solar secures $300m credit with Ping An Bank

Chinese solar firm Canadian Solar has today secured a $300 million credit facility to aid the expansion of its subsidiary’s solar development efforts in the U.S.

Recurrent Energy LLC will receive up to $300 million from Ping An Bank – the largest commercial bank in China – to be steered towards its solar power project development, construction and operation activities.

The loan has a three-year maturity and, according to Canadian Solar CEO and chairman Shawn Qu, will prove pivotal in helping Recurrent Energy achieve its solar objectives.

"The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world," said Qu.

This week, the company revealed that it had increased its shipment and revenue guidance for 2015 on the back of better-than-expected performance globally, allied to higher average selling prices for modules.