Canadian Solar secures financing for solar projects in Japan

Share

Canadian Solar is continuing to consolidate its position as one of the world’s 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 Solar’s 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 Japan’s 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 company’s 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.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.