Canadian Solar, Inc. issued the following announcement on April 2.
Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ) today announced that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has secured a $50 million letter of credit ("LC") facility from multinational financial services firm, Natixis.
The $50 million LC facility is to support the development of the Company's utility-scale solar projects across the U.S. and Canada. Recurrent Energy will use this LC facility primarily to support security obligations under power purchase agreements and interconnection agreements for development-stage projects. The facility size may be increased with participation from other banking partners that are committed to the North American renewable energy market.
"The closing of this innovative LC facility with long-time partner Natixis reflects strong market confidence in Canadian Solar's high quality solar assets in the U.S. and Canada," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very happy to again join forces with Natixis, a global leader in renewable energy financing, as we continue to expand our North American solar portfolio."
The closing of this LC facility marks Canadian Solar's fifth successful transaction with Natixis.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available
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