Canadian Solar working together with Sumitomo Mitsui
Canada is about to start a 3-year, C$36M, hand-in-hand solar project with the Japanese company, Sumitomo Mitsui Finance and Leasing Company, a member of the same name financial group. Five other financial groups to committed themselves to the project.
Canadian Solar Projects K.K. closed a credit facility today with a Japanese bank. This is aid in the expansion of its PV project operations in Canada.
How is the company going to fund the project?
Canadian Solar Project K.K. will utilize funds to propel the project further in the Japanese downstream operations. As of February—last month—it had a late-stage PV pipeline of 58W in the island country.
CEO Shawu Qu of Canadian Solar believes that the credit facility was its 2nd tranche of financing from the Sumitomo Mitsui Financial Group.
“We have successful raised in excess of JPY13B of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets”.
