Benzinga | Jun 24, 2021 07:04AM EDT

Canadian Solar Secures 50M from Santander to Support Growth in Project Development in EMEA

Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ:CSIQ) announced today that it has secured a (euro)50 million bilateral corporate facility with Banco Santander, S.A. ("Santander"). The facility will support growth at Canadian Solar's Global Energy business as it executes and expands on its project development pipeline in the Europe, Middle East and Africa, or EMEA region, and further diversifies the Company's sources of financing.

This is the second facility between Canadian Solar's European subsidiary and Santander over the past year which demonstrates Santander's trust on the Company's regional strategy and ability to execute on its business plan. It also demonstrates Canadian Solar's strong bankability in the global solar market, built on its 20-year track record of strong product performance and experience in solar project development.

The new facility is composed of a term loan and a revolving credit facility of equal amounts. This structure provides Canadian Solar a highly flexible financial instrument to execute growth plans as well as manage short term cash needs at favorable terms.