Undaunted by the high development costs of bringing solar power projects to life in Japan, Chinese-Canadian PV company Canadian Solar has announced an intent to drive more development in the Far East.
The Ontario-based solar manufacturer and project developer today announced it has expanded its credit facility with four lenders “to drive more high quality solar power projects in Japan”.
In a brief statement, Canadian Solar said the credit facility for its Canadian Solar Projects K.K. unit has been extended until March 2022 and has risen from ¥4 billion ($35.8 million) to ¥5.35 billion.
Japan’s Sumitomo Mitsui Financial and Leasing Co Ltd (SMFL) heads a consortium of four lenders behind the credit line.
“Since 2018, as a testament to Canadian Solar’s deep operating experience and credit strength, we have successfully raised ¥16 billion … of flexible capital sources at favorable rates from our relationship Japanese lenders,” said the company’s chairman and chief executive Shawn Qu. “We value the ongoing support of SMFL and our syndicate group of finance leasing institutions.”
Extreme land shortages and a sharp acceleration in feed-in tariffs once considered the most generous in the world – the latest reduction applied to commercial and industrial systems this month – have buffeted the Japanese solar market.