GUELPH, Ontario, April 25, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has secured financing for its 92 MWp IS-42 solar power project near Fayetteville, North Carolina. The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corporation (USBCDC).
Prudential Capital Group will provide a $97 million debt facility, including tax equity bridge loan, term loan, and revolving loan to the project. USBCDC, a division of U.S. Bank (NYSE: USB), will make a tax equity investment in the project under a separate agreement.
"This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S. We are glad to further strengthen our partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country." - Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
The 92 MWp project, covering an area of approximately 450 acres in the Bladen and Cumberland counties of North Carolina, is currently under construction and is expected to reach commercial operation in the third quarter of 2017. The project has a long-term Power Purchase Agreement with Duke Energy Progress. Once operational, the project will generate enough clean solar energy to power approximately 11,750 homes in the state. CohnReznick Capital Markets Securities acted as financial advisor to Canadian Solar in the transaction.
About Prudential Capital Group
Prudential Capital Group is the private placement arm of PGIM, the global investment management business of Prudential Financial, Inc. Prudential Capital Group manages a $76.8 billion portfolio of debt and equity investments and invests up to $12 billion, annually, in middle-market companies. Energy Finance Group: Power is part of Prudential Capital Group with $8 billion portfolio in power projects, utilities and cooperatives (as of December 31, 2016).
About U.S. Bancorp Community Development Corporation
With $23 billion in managed assets as of March 31, 2017, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.