Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, has announced that it has signed a C$93 million (US$93.8 million) loan agreement with China Development Bank. The loan facility has a five-year maturity and will be used to partially finance the previously announced C$185 million (US$186.6 million) acquisition of a majority interest in 16 solar projects representing approximately 190MW to 200MW DC owned by the former SkyPower Limited.
"Our new credit agreement underscores Canadian Solar's bankability and strong competitive position. We are pleased to have the support of one of the world's largest banks as we continue to execute on our business and advance our goal to generate 40% of our revenue from total solutions, which include solar power generation project development, facilitation of financing arrangements, EPC services and total hardware kit sales," said Dr. Shawn Qu, Canadian Solar's Chairman and Chief Executive Officer.
