GUELPH,
ON, June 26, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ)
announced today that Recurrent Energy, its wholly-owned
subsidiary for global project development and power services, has
secured a €150 million multicurrency facility with Santander
Corporate & Investment Banking (Santander CIB). The facility
will support Recurrent Energy's growth and strategy to retain
greater asset ownership in select markets. Recurrent Energy is one
of the world's largest and most geographically diversified
utility-scale solar and battery energy storage platforms, with a
track record of 9 GW of solar and 3 GWh of battery storage
power plants now in operation in 29 countries across five
continents.
This transaction marks the fourth corporate facility between
Recurrent Energy and Santander CIB over the past three years which
demonstrates Santander's commitment and continuing support for
Recurrent Energy's business. The new facility is composed of a €30
million plus $20 million term loan
and a $110.5 million revolving credit
facility, with a total duration of three years. This structure
provides Recurrent Energy significant flexibility to execute on its
growth plans and accelerate its transition to a develop-to-own
model in its core markets in North
America and Europe,
capturing the full value of the projects developed in low-risk
markets.
"Recurrent Energy is significantly accelerating its deployment
of solar PV and battery energy storage by expanding its leading IPP
(independent power producer) revenue base and growing stable and
predictable cash flows. We continue to foster long-term
community partnerships and create a lasting positive impact, as our
success will come from true commitment to community values." said
Dr. Shawn Qu, Chairman and
CEO of Canadian Solar.
He added, "The strengthening partnership with Santander CIB
allows Recurrent Energy to continue to leverage on its expertise
across development, finance, construction and operations to further
grow its clean energy platform."
As of the first quarter of 2023, Recurrent Energy has a total
global solar PV project pipeline of 25 GWp and 47 GWh of battery
storage of which 14 GWp and 12 GWh respectively have
interconnections granted, with a large majority of the pipeline
being developed from greenfield.
About Santander Corporate & Investment Banking
Santander CIB is Santander's global division that supports
corporate and institutional clients, offering tailored services and
value-added wholesale products suited to their complexity and
sophistication, as well as to responsible banking standards that
contribute to the progress of society.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered around 94 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built and connected over 8.8 GWp in over 20
countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline. Canadian
Solar is one of the most bankable companies in the solar and
renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the
Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those
regarding the Company's expected future shipment volumes, revenues,
gross margins and project sales are forward-looking statements that
involve a number of risks and uncertainties that could cause actual
results to differ materially. These statements are made under the
"Safe Harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. In some cases, you can identify forward-looking
statements by such terms as "believes," "expects," "anticipates,"
"intends," "estimates," the negative of these terms, or other
comparable terminology. Factors that could cause actual results to
differ include general business, regulatory and economic conditions
and the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; uncertainties related to the CSI Solar carve-out
listing; litigation and other risks as described in the Company's
filings with the Securities and Exchange Commission, including its
annual report on Form 20-F filed on April
18, 2023. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue
reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.