Canadian Solar Inc. today announced that Canadian Solar Japan K.K. has entered into a syndicated loan agreement, pursuant to which Mizuho Bank, Ltd. has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.
Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide this syndicated loan which has a 1 year term with an option for 1 year extension.
"We are delighted to partner with this leading group of lenders, which enables us to execute on our business strategy and capture the growing business opportunities in Japan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This partnership once again demonstrates Canadian Solar's strength and recognition as the global tier-1 leader that is able to get local financing from large banks in Japan. We look forward to continuing the cooperation with Mizuho Bank."