Canadian Solar proposes USD-150m ATM equity offering programme

Canadian Solar Inc (NASDAQ:CSIQ) on Thursday unveiled plans for an at-the-market (ATM) equity offering programme targeting up to USD 150 million (EUR 123.1m) in fresh capital.

The company has filed a prospectus supplement with the US Securities and Exchange Commission (SEC) that gives it the right to offer and sell common stock from time to time.

Canadian Solar intends to spend the net proceeds from the deal on its long-term growth plans, which include investing in its battery storage business and expanding its pipeline in that segment. Some of the funds could be earmarked for the investment or acquisition of businesses, assets or technologies that complement the company’s business and strengthen its solar portfolio. Opportunities for monetising the projects through public vehicles in markets such as Brazil and Europe will be explored.

The ATM offering will be completed in around six months, or longer, while Canadian Solar noted that there is no obligation for it to sell any shares under the programme.

US Tiger Securities Inc will be the sales agent for the planned transactions.

(USD 1.0 = EUR 0.821)

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