Canadian Solar Secures EUR 50 Million For Project Development in EMEA

One of the leading solar PV module manufacturers, Canadian Solar Inc. has announced securing a Euro 50 million bilateral corporate facility with Banco Santander, S.A. The facility will support growth at Canadian Solar’s Global Energy business as it executes and expands on its project development pipeline in Europe, Middle East, and Africa (EMEA) region, and further expands the Company’s sources of financing.

This is the second facility between Canadian Solar’s European subsidiary and Santander over the past year. 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 comprised of a term loan and a revolving credit facility of equal amounts. It provides Canadian Solar with a highly flexible financial instrument to execute growth plans as well as manage short-term cash needs at favorable terms.

Speaking on the partnership, Chairman, and CEO of Canadian Solar, Dr. Shawn Qu stated, “The EMEA region is going through a significant acceleration in the deployment of solar PV and it is one of the key pillars of growth of our Global Energy business. Partnering with Santander, we will continue our efforts in building a sustainable business model and contributing to the global response to climate change.”

“We hope to expand our partnership with Santander as we further strengthen our leadership position in the global renewable energy market, contributing to advance the Paris Agreement goals for a drastic reduction of carbon emissions by 2030,” he added.

Banco Santander is a leading retail and commercial bank from Spain. It claims of raising over Euro 120 billion in green financing between 2019 and 2025.

As of the first quarter of 2021, Canadian Solar has a total global solar PV project pipeline of 21 GWp, nearly 4 GWp of which, is in EMEA, specifically in Italy, Spain, the U.K., France, Poland, Netherlands, Israel, and South Africa.