Canadian Solar Inc. today announced that it has signed a financing agreement, pursuant to which, Export Development Canada ("EDC") has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility.
"We are very pleased to work with EDC to execute on our global solar power business strategy. With EDC's backing, we are able to improve our financial flexibility on our capital allocation to new solar projects," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The continuous support we received from EDC is a testament to our leading position in the global solar industry. We value our strategic partnership with EDC as we continue to deliver on our commitment to accelerating the deployment of clean, reliable, emission-free solar energy worldwide."