GUELPH, Ontario, Nov. 16, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY7.4 billion ($66.0 million) dual-tenor green project bond was issued to finance Canadian Solar's 27.3 MWp Tottori Solar Power Plant in Tottori Prefecture, Japan. The Tottori solar power plant achieved commercial operations in August 2017, and the electricity generated is currently being purchased by the Chugoku Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of JPY40.0($0.36) per kWh.

The Tottori green project bond consists of a dual-tenor maturity of 1.5 years and 18.3 years, representing the initial and extended tenor respectively, within a single-tranche of the bond. This dual-tenor structure makes full repayment of the bond flexible, while enabling a potential sale of the solar power plant to Canadian Solar Infrastructure Fund, recently listed on the Tokyo Stock Exchange.

The Japan Credit Rating Agency, Ltd. ("JCR") assigned the Tottori project an investment grade rating of "A", making it the fourth project by Canadian Solar in Japan to receive such a rating and in line with the highest ratings reported in the Japan PV sector. Furthermore, the Japan Research Institution, Limited ("JRI") independently certified the designation as a green bond, in accordance with the Green Bond Principles (2016) published by the International Capital Market Association ("ICMA"). The asset-backed, non-recourse bond was issued at par and pays a fixed coupon of 1.2725% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3113% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp., was appointed as trustee. 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce the issuance of a second dual-tenor green project bond at a low coupon rate. This solidifies our position as the leading international issuer of green project bonds in Japan. Investors recognize our strong record of building high quality and bankable solar power projects. This project will contribute to the growth of Canadian Solar Infrastructure Fund as a leading renewable energy fund in Japan. We will continue to look for opportunities to promote renewable energy platform in this market."

About Canadian Solar

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 24 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.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

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SOURCE Canadian Solar Inc.