North Coast Solar Stocks

April 28, 2009

Canadian Solar Announces Potential New Credit Facilities with Three Chinese State Banks

Filed under: CSIQ — Tags: , , , , — Jason @ 8:20 am

Tuesday April 28, 2009, 8:20 am EDT

TORONTO, April 28 /PRNewswire-Asia/ — Canadian Solar Inc. (the “Company”, “Canadian Solar” or “we”) (CSIQ) today announced that it has signed strategic partnership agreements with the Bank of China, the Bank of Communications, and the Industrial and Commercial Bank of China. Under the agreements, each bank may provide up to RMB 5 billion in potential credit facilities that can be used to finance domestic and overseas solar projects where Canadian Solar is the provider of solar modules. Loans may also be used for trade financing, internal corporate projects or working capital. The maximum aggregate facility size in current US dollars is approximately $2.2 billion (RMB 15 billion). Each project submitted to the banks will undergo the banks’ due diligence and approval process and detailed terms of the credit agreements will be negotiated before any credit facilities are granted. There is no assurance that any project proposal will be approved, and it is likely that each project will be financed under different terms and conditions. Canadian Solar is considering establishing a China holding company in order to more efficiently manage these and other transactions.

Dr. Qu, Chairman and CEO said: “We are pleased to announce the signing of these strategic partnership agreements in Suzhou today. At present, availability of cost effective debt financing is critical to the ongoing growth and development of the solar industry, especially solar project finance. While each project submitted to the facility will require individual approval, this facility nevertheless provides us with a potentially powerful tool to help the Company and our customers grow our businesses. We look forward to working with our Chinese and overseas banking partners and our customers worldwide.”


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