Canadian Solar has secured an up to $300m credit facility from Chinese bank Ping An Bank to fund solar projects in the US.
The cash will be used by subsidiary Recurrent Energy LLC to finance solar development, construction and operations. The credit has a three-year maturity.
Canadian Solar’s Chief Executive Officer Dr. Shawn Qu said: “We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China.
“This transaction again demonstrates Canadian Solar’s leadership position in the global solar industry.”
He added: “The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world.”
Image: Canadian Solar
