Canadian Solar begins construction of 143 MWp solar projects in Japan with funding of over $ 300 million


GUELPH, ON, April 7, 2021 / PRNewswire / – Canadian Solar Inc. (the “Company“, or “Canadian solar“) (NASDAQ: CSIQ) announced today that it has started construction on four solar projects in Japan totaling 143 MWp. This portfolio includes the flagship megaproject of Canadian Solar, the 100 MWp Azuma Kofuji project located in Fukushima prefecture and other projects totaling 43 MWp in the Ibaraki and the prefectures of Hiroshima.

Azuma Kofuji 100 MWp

The Azuma Kofuji project is Canadian Solar’s largest project in Japan to date and is also expected to be among the most important in the country. The project will be fed with Canadian Solar High Efficiency HiKu Modules and is expected to enter commercial operation in the first quarter of 2023. The power produced will be purchased by Tohoku Electric Power Company at the rate of ¥ 36. ($ 0.34) per kWh.

The project is funded by Nomura Capital Investment Co., Ltd. (“NCI“) with a construction debt of JPY 24.5 billion (about US $ 230 million), and build on Juwi Shizen Energy’s experience as a global EPC (Engineering, Procurement and Construction) company. Built on 460 acres, Azuma Kofuji is expected to produce enough clean energy to power approximately 31,000 homes. The project is expected to participate in the green certification process for climate bonds, which is compatible with the new European Union Green Bond Standard (EU GBS).

“We are delighted to contribute to the revitalization of Fukushima Prefecture. Until recently, the Azuma Kofuji project site was abandoned and unproductive agricultural land. Now we are investing directly and creating local jobs during the construction of the project, revitalizing the local economy in an area devastated by the Tohoku earthquake in 2011. We have worked closely with local communities to ensure that the clean, renewable energy from our solar power plant creates sustainable societal benefits. We are proud to participate in the reconstruction of economic and energy resilience in the hometowns of Fukushima while supporting From Japan Carbon neutrality ambitions for 2050 ”, commented Dr. Shawn qu, President and CEO of Canadian Solar.

He added: “These projects continue to build on Canadian Solar’s strong track record by Japan. We now have over 450 MWp of utility-scale projects that are operational or under construction, and two partnership platforms in Canadian Solar Infrastructure Fund (TSE: 9284) and Japanese Green Infrastructure Fund. We are also one of the strongest solar module brands in Japan driven by our differentiated technology and large scale of manufacturing. Together, we have strengthened Canadian Solar as the most integrated solar player in the Japanese market. We thank our financial partners who continue to support Canadian Solar with low cost capital, which allows us to develop and expand our portfolio of high quality projects by Japan. ”

“Nomura has extensive experience in financing renewable energies Japan and is delighted to support Canadian Solar on this important transaction, “said Vinod Mukani, Head of Infrastructure and Power Finance at Nomura.” Canadian Solar occupies an attractive position as a leading and growing solar module manufacturer. as a leading global solar developer. Nomura is happy to provide this funding and is partnering with strong sponsors helping to transition to a low carbon economy. “

Ibaraki and Hiroshima 43 MWp projects

These projects received JPY 8.1 billion (US $ 75 million) by issuing green project bonds to Japanese bond investors. As a seasoned project bond issuer, Canadian Solar has partnered with Goldman Sachs Japan Co., Ltd (“GS“) as sole arranger for the sixth time. Once again, domestic bond investors have provided Canadian Solar with innovative debt capital that is commercially different from that of the traditional bank facility market. These project bonds combine the unique aspects of a dual grade 2-year and 18-year maturity for each bond tranche, and combine total funding requirements throughout the construction and operation phase of multiple projects. The Japan Credit Rating Agency, Ltd. (“JCR“) assigned these multi-asset double tenor green project bonds a rating of” BBB + “and certified the issuer with the highest Green 1 rating under the Japanese Green Bond Guidelines. Hitachi Capital Trust Corp . is appointed trustee.

“This will be another revolutionary green project bond transaction introduced to the Japanese market by Canadian Solar,” said Toru Inoue, Head of Infrastructure and Structured Finance at Goldman Sachs Japan. “We are extremely honored to support the deeply rooted growth of Canadian Solar by Japan. Since taking part in Canadian Solar’s first green bond projects in 2016, we have demonstrated our ability to deliver differentiated and innovative transactions to meet Sponsor’s business objectives. The renewable energy industry is a dynamic sector where creativity and the ability to think outside the box are extremely important. We look forward to continuing to partner with Canadian Solar in their quest to make solar energy sustainable and mainstream. “

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar and renewable energy technology companies. It is a leading manufacturer of photovoltaic solar modules, supplier of solar power and battery storage solutions, and developer of large-scale solar power and battery storage projects with a geographically diverse pipeline in various stages of development. . Over the past 19 years, Canadian Solar has successfully delivered over 52 GW of premium quality solar PV modules to customers in over 150 countries. Likewise, since entering the field of project development in 2010, Canadian Solar has developed, built and connected more than 5.7 GWp in more than 20 countries around the world. Currently, the Company has more than 500 MWp of projects in operation, more than 5 GWp of projects under construction or backlog (advanced stage) and an additional 11 GWp of projects in progress (intermediate to early stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly traded on NASDAQ since 2006. For more information on the company, follow Canadian Solar on LinkedIn or visit

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial institution providing a broad range of financial services in the areas of investment banking, securities, investment management and consumer banking services to a large and diverse customer base that includes businesses, financial institutions, governments and individuals. Founded in 1869, the company is based in new York and has offices in all major financial centers around the world. Goldman Sachs developed the first green project bonds for the Japanese market in 2013. Since then, it has arranged nineteen project bond transactions and one project equity securitization. Of the twenty transactions, six relate to Canadian Solar.

About Nomura

Nomura is a global financial services group with an integrated network spanning over 30 countries. By connecting the East and West markets, Nomura meets the needs of individuals, institutions, businesses and governments through its three business divisions: Retail, Wholesale (Global Markets and Investment Banking) and Investment Management. Founded in 1925, the company is built on a tradition of disciplined entrepreneurship, serving its clients with creative solutions and thought leadership. Nomura’s Infrastructure and Power Finance business provides a diverse set of financing solutions to project owners around the world. For more information on Nomura, visit

Safe Harbor / Forward-looking statements

Certain statements contained in this press release 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 United States Private Securities Litigation Reform Act of 1995. In some cases, you may identify forward-looking statements by words such as “believes”, “expects”, ” anticipates “”. means “” estimates “, the negative of these terms, or any comparable terminology. Factors that could cause actual results to vary include general business and economic conditions and the state of the solar industry; government support for the deployment of solar energy; future available supplies of high purity silicon; consumer demand for end-use products and inventory levels of these products in the supply chain; changes in demand from major customers; changes in demand from major markets such as Japan, United States, India and China; changes in customer ordering patterns; changes in the product line; capacity of use; level of competition; pressure on prices and fall in average selling prices; delays in the introduction of new products; delays in the approval process for utility-wide projects; delays in construction of utility-scale projects; delays in completing sales of the project; delays in the qualification process of the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with characteristics requested by customers; equipment shortage or capacity requirements; availability of funding; fluctuations in exchange rates; litigation and other risks as described in the documents filed by the company with the SEC, including its annual report on Form 20-F filed on April 28, 2020. Although the company believes that the expectations reflected in 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 assumes no obligation to update such information, except as required by applicable law.

SOURCE Canadian Solar Inc.

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