Canadian Solar Inc. today announced that it has entered into a private placement with Prudential Capital Group, pursuant to which, Prudential Financial, Inc. has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MW in Japan.
"This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar's project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide."