Canadian Solar is continuing to consolidate its position as one of the worlds premier solar companies with news that it will receive funding from Prudential Capital Group for solar PV projects within Japan. The company had an incredibly strong year in 2015, and although demand has dropped slightly in 2016, the company continues to spread its wings into a diverse range of PV markets across the globe.
The most recent financing, which will be secured from Prudential Capital Group, will see Prudential purchase approximately US$60 million worth of non-recourse notes from Canadian Solar. The company said in the announcement that the funds will be used to finance a PV portfolio totaling 21.2 MWp in Japan.
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, said Canadian Solar Chairman and CEO Dr. Shawn Qu. This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solars 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.
Canadian Solar has had a consistent presence in Japans PV market, which has often been backed up by lending from financial institutions. At the end of 2015, the company secured US$126 million in financing from the Royal Bank of Scotland and Deutsche Bank for 86 MW worth of PV projects in Japan and U.K.
Last year was a record-breaking year for the company, in terms of module shipments and revenues, which was in part due to the companys ability to diversify its manufacturing and project portfolio. In particular, Canadian Solar has recently made some interesting moves into the Brazilian PV market and the Mexican market.
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