Canadian Solar announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has signed a 3-year credit agreement for JPY4 billion (US$35 million) with Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL).
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.
Shawn Qu, chairman and chief executive officer of Canadian Solar, said, “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.”