The Japanese subsidiary of Chinese solar firm Canadian Solar – Canadian Solar Projects K.K. – has today closed a credit facility with a leading Japanese bank that will enable it to expand its PV project operations in the country.
Arranged via Sumitomo Mitsui Finance and Leasing Company, which is a member of the Sumitomo Mitsui Financial Group, the JPY 4 billion ($36 million) credit facility is a three-year agreement that received commitment from five finance leasing institutions in Japan.
Canadian Solar Projects K.K. will use the injection of funds to expand its Japanese downstream operations. Recent financial data from the company showed that as of February this year it had a late-stage PV pipeline of 538 MW in Japan – which is around one-quarter of its global downstream pipeline.
Canadian Solar CEO Shawn Qu said that the credit facility was its second tranche of financing from the Sumitomo Mitsui Financial Group. “We have successful raised in excess of JPY 13 billion of credit lines with them,” Qu remarked. “We look forward to expanding our banking relationship in Japan and other important markets.”