Canadian Solar Secures JPY12.0 Billion Credit Facility from Deutsche Bank

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Dec 08, 2015, 07:00 ET

GUELPH, Ontario, Dec. 8, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed a financing agreement pursuant to which Deutsche Bank AG, Tokyo Branch has agreed to provide a JPY12.0 billion ($97.2 million) senior non-recourse project finance credit facility to Canadian Solar for the construction of the Company's Kumamoto Mashiki solar power plant in Japan.

The 48 MWp Kumamoto Mashiki solar power plant is forecasted to reach commercial operation in 2017 and will sell electricity to Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.30) per kWh.

"We are pleased to announce another project construction credit facility with Deutsche Bank that allows us to continue the development of our pipeline of quality solar projects in low risk geographies that we expect will create lasting value for our shareholders," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are also pleased that our efforts in Japan are gaining traction, our pipeline is maturing, and the construction of several valuable projects is ramping up, which positions us well to deliver solid results in the quarters ahead."

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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 the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; 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 Germany, Japan, the U.S. and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 23, 2015. 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.

SOURCE Canadian Solar Inc.