Canadian Solar gets EUR-50m loan to back EMEA project development

Canadian Solar supplied solar modules to Delhi International Airport in India.

June 24 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has obtained EUR 50 million (USD 59.7m) from Banco Santander SA (BME:SAN) to support project development growth in the Europe, Middle East and Africa (EMEA) region.

The bilateral corporate facility, consisting of a term loan and a revolving credit facility of equal amounts, will help the company’s Global Energy business execute and expand its project development pipeline in EMEA, the solar manufacturer said today.

Canadian Solar's European subsidiary has now secured two facilities from Santander in the past year.

"The EMEA region is going through a significant acceleration in deployment of solar PV and it is one of the key pillars of growth of our Global Energy business," said Canadian Solar chairman and chief executive Shawn Qu.

"We will continue to execute on our project development business, while expanding our presence in areas such as operations and maintenance, asset management, battery storage and energy trading," Shawn Qu added.

Canadian Solar said that as of the first quarter of 2021 its global solar project pipeline stands at 21 GWp, of which almost 4 GWp is in EMEA -- in Italy, Spain, the UK, France, Poland, Netherlands, Israel and South Africa.

The company also has a global pipeline of almost 17 GWh of energy storage projects, of which over 1 GWh is in EMEA.

(EUR 1.0 = USD 1.193)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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