Canadian Solar has secured a $50 million term loan from Credit Suisse. Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes.
The US dollar-denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.
Recently, Canadian Solar Projects K.K, a wholly owned subsidiary of module supplier Canadian Solar, announced the renewal of a credit facility. The credit facility was made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited. The company intends to utilise the credit extension facility to develop more high-quality solar power projects in Japan.