Canadian Solar has agreed a financing package with the International Finance Corporation (IFC) to receive up to $70m in loans and equity investment.
The package includes loans for up to $60m and a subscription of up to $10m in common shares of the company.
The money will be used to fund Canadian Solar’s module production facility in Vietnam and expansion of solar cell and/or module production capacities in other emerging markets.
Canadian Solar said the partnership with IFC, the private sector arm of the World Bank, underscores the company’s commitment to expanding in Asia and Latin America.
It also means the company will have to conduct its operations in compliance with IFC’s environmental and social performance standards.
Canadian Solar chairman and chief executive officer Shawn Qu said: “With IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide.”
IFC Manufacturing, Agribusiness and Services director Alzbeta Klein said: “IFC views this transaction as a first step in a long-term partnership with Canadian Solar.”
Image: the money will be used for the company’s module facility in Vietnam (Canadian Solar)
