Canadian Solar obtains US$ 60m from Santander to support project advancement in EMEA

• Canadian Solar has actually safeguarded a EUR50 million (US$ 59.7 million) reciprocal company center with Banco Santander to sustain its project development initiatives in Europe, the Middle East and also Africa (EMEA).

The business will likewise utilize the funds to increase its visibility in operations and also upkeep, possession monitoring, battery storage and energy trading, claimed CEO Shawn Qu, including: "The EMEA area is experiencing a substantial acceleration in release of solar PV, and it is just one of the crucial columns of development of our international energy service."

Made up of a term loan as well as a revolving credit facility of equivalent quantities, the center is the second arrangement between Canadian Solar's European subsidiary and Santander in the past year.

Since the very first quarter of 2021, Canadian Solar has a global PV project pipe of 21GWp, of which nearly 4GWp remains in EMEA, particularly in Italy, Spain, the UK, France, Poland, the Netherlands, Israel and South Africa.

Including in the Santander financing bargain, the business last month launched a US$ 150 million fundraise to reinforce its growth in the battery storage section. Its battery storage project growth pipe stands at 17GWh, of which greater than 1GWh corresponds to projects in EMEA.

In the initial quarter of 2021, Canadian Solar reached 3.1 GW of component deliveries, up 42% year-on-year, but the firm's manufacturing arm was struck by boosted rising basic material as well as transport costs.