Canadian Solar has revealed that it has secured a $50 million term loan from the Singapore branch of Credit Suisse AG.
The U.S. dollar-denominated term loan will mature in April 2021. Credit Suisse also provided a cross-currency interest rate swap so the company can hedge its cross-currency interest rate liabilities on the term loan.
“This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
Canadian Solar said it will use the funds to support the development of its pipeline of solar projects throughout the world, as well as for general corporate purposes. The loan follows the recent extension of a credit facility that its Japanese unit had earlier secured with a consortium of four Japanese lenders, led by Sumitomo Mitsui Financial and Leasing.
The company posted net income of $237.1 million last year, from $99.6 million in 2017, on yearly PV module shipments of 6.62 GW. Its full-year shipments came in at the upper end of its guidance for the year, driving net revenue up roughly 10.3% year on year to $3.74 billion.
Last month, Canadian Solar agreed to sell an 80% stake in its 482 MW Brazilian solar portfolio to Nebras Power Investment Management BV, the Dutch subsidiary of Qatari company Nebras QPSC. It did not disclose the financial terms of the deal.