Canadian Solar has secured a €50m bilateral corporate facility with Banco Santander to support the company’s execution of its project development pipeline in the Europe, Middle East and Africa (EMEA) region.
This is the second facility between Canadian Solar’s European subsidiary and Santander over the past year.
The new facility is composed of a term loan and a revolving credit facility of equal amounts, providing Canadian Solar with a “highly flexible financial instrument to execute growth plans” as well as manage short term cash needs at favourable terms.
As of the first quarter of 2021, Canadian Solar has a total global solar PV project pipeline of 21GW, of which nearly 4GW is in EMEA, specifically in Italy, Spain, the UK, France, Poland, Netherlands, Israel and South Africa.
Canadian Solar chairman and CEO Shawn Qu (pictured) said: “The EMEA region is going through a significant acceleration in deployment of solar PV and it is one of the key pillars of growth of our global energy business.
“We will continue to execute on our project development business, while expanding our presence in areas such as operations and maintenance, asset management, battery storage and energy trading.
“Partnering with Santander, we will to continue our efforts in building a sustainable business model and contributing to the global response to climate change.”