GUELPH, Ontario, May 1, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it won two accolades in the 2018 Power Finance & Risk Deal of the Year Awards.
Canadian Solar was named the Latin America Project Finance Borrower of the Year, and was further recognized as Latin America Project Finance Deal of the Year for the financing of its 100 MWp solar project in Cafayate, Argentina.
Power Finance & Risk recognizes excellence and innovation in power project finance and M&A. Canadian Solar was selected as the winner in two of the twenty-five categories through an industry-wide poll that surveyed investors, sponsors, bankers and advisers throughout the Americas. Winners in other categories include Capital Dynamics, Allianz Global Investors, BlackRock, Enel, MUFG and Goldman Sachs. This recognition follows the success of Recurrent Energy, Canadian Solar's U.S. project development arm, which was previously named 2015 Project Finance Borrower of the Year for North America.
The Cafayate solar project was awarded a 20-year U.S. dollar indexed Power Purchase Agreement (PPA) of US$56.28/MWh during the second renewable public tender (RenovAR 1.5). The U.S. dollar indexed PPA is backed with a three-level guarantee mechanism, including a World Bank guarantee and Argentina's government guarantee through the Trust Fund for Renewable Energy (FODER). The US$50 million non-recourse financing package, arranged by CAF - Development Bank of Latin America, consists of a US$30 million CAF A-loan with a 15-year tenor, a US$15 million parallel loan from the Argentinian Development Bank of Investment and Foreign Trade (BICE) with a 15-year tenor, and a US$5 million parallel loan from the Bank of the City of Buenos Aires (Banco de la Ciudad) with a 10-year tenor. CAF and Canadian Solar have a financing target of US$75 million and are seeking an additional US$25 million in senior financing in which the new lender will benefit from CAF's preferred creditor status.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are honored to receive these awards and to be recognized by Power Finance & Risk. We have successfully raised approximately US$800 million of debt capital in Latin America since we first started in 2015. We are committed to working with our business partners, investors, lenders and advisers to finance and build high-quality solar power generation assets across Latin America."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to customers in over 150 countries around the world. 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 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; delays in the completion of project sales; 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 25, 2019. 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.