May 15 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has closed a USD-50-million (EUR 44.6m) term loan from the Singapore branch of Credit Suisse AG (SWX:CSGN).
The solar power company said in a statement on Wednesday that it plans to spend the money on the development of its international solar project pipeline and for general corporate purposes.
“This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital," said Shawn Qu, chairman and CEO of Canadian Solar.
The loan is US dollar-denominated and is expected to mature in April 2021. Credit Suisse has also provided a cross-currency interest rate swap to hedge the cross-currency interest rate liabilities relating to the term loan, the announcement says.
(USD 1.0 = EUR 0.892)