Canadian Solar’s wholly-owned subsidiary, Canadian Solar Projects K.K., has entered into a three-year credit agreement for ¥4 billion ($35 million) with Sumitomo Mitsui Finance and Leasing, a member of Sumitomo Mitsui Financial Group.

SMFL is one of Japan’s largest leasing institutions with global presence. The facility received commitments from five finance leasing institutions. The company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.

Dr. Shawn Qu, chairman and CEO of Canadian Solar, said, “We are pleased to secure strong support from a leading group of finance leasing institutions. We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets.”