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Tue, Nov

Export agency backs Canadian Solar

World News
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Export Development Canada has increased its security performance guarantees for the manufacturer’s products by 25%, to US$125m.

Canadian Solar Inc, one of the world’s largest solar power companies, today announced it has closed a US$125 million global guarantee facility with Export Development Canada, Canada’s export credit agency.

The facility was increased to $125 million from $100 million, and will support project development activities undertaken by Canadian Solar across the Americas as well as in Europe, Asia and Australia.

Under the global facility, EDC will provide performance security guarantees for up to $125 million to cover the credit exposure of the Royal Bank of Canada and China Construction Bank Corporation on letters of credit and letters of guarantee issued on behalf of Canadian Solar.

“We highly value our relationship with EDC as we continue to promote clean, reliable and emission-free solar energy worldwide. This represents the fourth consecutive year of financial support from EDC, testament to our leading position in the global solar industry,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “This expanded global facility provides us with a flexible capital source and enhances our capacity and competitiveness across multiple solar development opportunities.”

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