Canadian Solar secured a $300 million credit facility for its subsidiary Recurrent Energy from Ping An Bank. The facility will be used to support Recurrent’s solar power project development, construction and operation activities. The credit facility has a three-year maturity.
“We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China. This transaction again demonstrates Canadian Solar’s leadership position in the global solar industry,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar, “The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world.”
Founded in 2001 in Canada, Canadian Solar is a manufacturer of solar photovoltaic modules and a provider of solar energy solutions.