The syndication was well received by Japans banking sector, with 13 financial institutions participating. Canadian Solar will use the funds to finance the development of solar projects in Japan, as well as for general corporate working capital requirements.
We are very pleased to receive such strong support from a leading group of financial institutions, demonstrating their confidence in the growth prospects of Canadian Solar, said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. We value our partnership with SMBC, and we look forward to continuing the cooperation to support our business growth in Japan and other important markets.
Canadian Solar already has a significant presence in the Japanese market, and secured a JPY 6.2 billion (US$60 million) investment from Prudential Capital Group earlier this year. The company currently has a pipeline of more than 20 MW of solar PV projects in the country.
With this new source of funding Canadian Solar remains one of the largest and most successful businesses in the solar industry. As well as this expansion in Japan, we are seeing major projects in development in China, Latin America and all over the world.