Prudential Capital Group finances solar portfolio in Japan
Canadian Solar has entered into a private placement with Prudential Capital Group to finance a portfolio of solar power plants in Japan.
Under the terms of the agreement the global investment management business of Prudential Financial has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$58.3 million).
The proceeds from the private placement will be used to finance a portfolio of solar power plants totaling 21.2MWp in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented:
"This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix. This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar's project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide."
We have recently reported that Canadian Solar entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately US$32.8 million.
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