Canadian Solar Inc.,has inked an agreement with PAG, an investment firm in Asia Pacific. PAG will invest US$200 million in convertible notes issued by Canadian Solar. These notes will have an interest rate of 6% per year, payable quarterly, and will mature in 2029. Holders of the notes can convert them into common shares of the company at an initial price of US$18.20.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “We are thrilled to partner with PAG, a seasoned investor in the solar industry. The Notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives. This transaction paves the way for long-term strategic collaboration with PAG in solar and in clean energy.”
Dr. Weijian Shan, Executive Chairman of PAG, added, “With two decades of experience in the solar industry, Canadian Solar has established a solid foundation as a globally leading solar player. Today, it is well-positioned for growth, propelled by its scaled module business, rapidly expanding energy storage segment, and renewable energy development platform. We are pleased to partner with Canadian Solar in the global clean energy transition.”
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