Canadian Solar Projects K.K. has expanded and renewed its credit facility with a syndicate of four finance leasing institutions led by Sumitomo Mitsui Finance and Leasing.
Canadian Solar closed on $69 million in non-recourse project financing provided by Banco Nacional de Comercio Exterior and Banco Sabadell. The financing consisted of a $53.2 million long-term loan, a $5.6 million letter of credit facility and a $10.2 million VAT short-term loan.
Canadian Solar secured a non-recourse project finance facility of up to ¥16 billion ($149 million) from Shinsei Bank. The facility will be used to support its 53.4 MWp Oita Hijimachi solar power project.
Recurrent Energ, closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.
Canadian Solar entered into a three-year credit agreement for ¥4 billion ($35 million) with Sumitomo Mitsui Finance and Leasing in order to expand solar energy project development in Japan.
Canadian Solar secured £49.3 million ($62.8 million) non-recourse term loan facilities from National Westminster Bank to refinance a portfolio of 10 solar power plants.
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.
Canadian Solar has entered into agreements with International Finance Corporation to receive a financing package that include loans of up to $60 million.
Recurrent Energy closed on a tax equity investment commitment with a unit GE Energy Financial Services for the 75 megawatt (MWac) Astoria 2 solar power project.