Canadian Solar Renews EUR 100 Million Note Program

Canadian Solar Inc. has announced that Canadian Solar EMEA Capital Markets, its wholly-owned subsidiary in Spain, has registered its EUR 100 million medium term note program in the MARF (a Spanish multilateral trading facility).

Canadian Solar said that any payment under the notes issued under the note program will be guaranteed by the company. The notes may qualify as “green bonds” pursuant to the International Capital Market Association (ICMA) Green Bond Principles and the Green Financing Framework of Canadian Solar.

The Green Financing Framework received a favourable third-party opinion from Sustainalytics.

Canadian Solar said that the notes will only be offered and sold to non-US persons outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933. The notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction in the United States. The notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The official statement of Canadian Solar said, “In the European Union, the notes will only be directed to ‘qualified investors’ as defined in Regulation (EU) 2017/1129, including (i) eligible counterparties, as defined in Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 (MiFID II) and the Spanish Real Decreto Legislativo 4/2015, de 23 de octubre (the Spanish Securities Act); and (ii) professional clients, as defined in MiFID II and the Spanish Securities Act, or any provision which may replace or supplement them in the future.”

The note program provides Canadian Solar a framework that can allow it to quickly access the capital markets and raise capital in a series of issuances, increasing its sustainable investment footprint and using the proceeds to finance the development and acquisition of new solar PV and battery storage projects, both nationally and internationally.

The notes will have a minimum denomination of EUR 100,000 each, while their interest rates and maturities will be determined at the time of each issuance.