RECURRENT ENERGY SECURES DEVELOPMENT LOAN FACILITY TO ACCELERATE PROJECT DEVELOPMENT ACTIVITIES IN NORTH AMERICA

Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) announced that its wholly-owned subsidiary, Recurrent Energy, LLC (“Recurrent Energy”), recently executed a $75 million development loan transaction with Nomura Corporate Funding Americas, LLC (“Nomura”). The loan facility leverages Recurrent Energy’s strong existing pipeline to fund and accelerate its development activities in the U.S. and Canada.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, “We are pleased to partner with Nomura, a global leader in financial services, on the $75 million development loan facility. This transaction reflects Nomura’s strong confidence in Recurrent Energy’s high quality solar and energy storage assets in North America. Despite the challenging market backdrop due to the ongoing pandemic, I am proud that our teams have continued to work hard with our partners to secure financing and execute on our quality pipeline. We are especially appreciative of the trust that partners such as Nomura have placed in us to advance our development portfolio and bring these clean energy projects to fruition.”

Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group said, “Nomura is excited to provide liquidity to Recurrent Energy’s robust development pipeline and to extend its relationship with Canadian Solar. The development pipeline is comprised of strong utility scale solar and solar plus storage assets developed intelligently from the ground up. Nomura is always pleased to develop creative solutions for its clients, particularly those like Recurrent Energy who have talented teams and a compelling business strategy.”

Recurrent Energy has a proven track record in executing innovative corporate and project financing, employing a tailored and flexible approach to maximize value for customers, investors and local communities. Recently, it announced the closing of $282 million of debt financing to construct its Maplewood solar projects and $234 million of debt and tax equity financing for its Pflugerville project, contributing to Texas’ economic growth and clean energy transition.