Canadian Solar has entered into agreements with International Finance Corporation (IFC) to receive a financing package that include loans of up to $60 million and a subscription of up to $10 million in common shares of the company. The partnership with IFC underscores the company’s commitment to expanding in Asia and Latin America and conducting its operations in compliance with IFC’s environmental and social performance standards.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in emerging markets. Proceeds of the investment and financing package will be used to fund Canadian Solar’s module production facility in Vietnam and expansion of solar cell and/or module production capacities in other emerging markets.
“We are delighted to secure support from IFC. This partnership is another milestone that enhances our leading position in the global solar power industry,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “With IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide. We look forward to continuing our cooperation with IFC to accelerate the adoption of solar energy around the world.”
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies.