Canadian Solar Projects K.K, a wholly-owned subsidiary of module supplier Canadian Solar has announced the renewal of a credit facility.

The credit facility has been made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The company intends to utilize the credit extension facility to develop more high-quality solar power projects in Japan, it said in a statement.

According to the company, it has delivered over 32 GW of modules to customers in over 150 countries around the world over the past 18 years.

A release from the Canadian Solar further informed that the existing credit facility had been increased from JPY 4.0 billion ($36 million) to JPY 5.35 billion ($48 million), scheduled to mature in March 2022.

“Since 2018, as a testament to Canadian Solar’s deep operating experience and credit strength, we have successfully raised JPY 16 billion ($145 million) of flexible capital sources at favorable rates from our relationship Japanese lenders. We value the ongoing support of SMFL and our syndicate group of finance leasing institutions,” Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said in a media statement.

Mercom reported recently that Canadian Solar had acquired 51% stake in two solar power projects of Suzlon Energy with 15 MW capacity each in Telangana.

According to  Mercom’s India Solar Project Tracker,   Canadian Solar won the  bid to develop 80 MW of grid-connected solar projects  in Maharashtra in the 450 MW solar auction conducted by the Solar Energy Corporation of India (SECI) under the viability gap funding (VGF) program under National Solar Mission (NSM) Phase-II, Batch-IV, Tranche-III.

Later, Canadian Solar sold the 80 MW (108 MW DC) grid-connected solar project in Maharashtra. The sale was in line with Canadian Solar’s policy of developing a few projects to exhibit their module capabilities and then selling them off.

Soumik is a staff reporter at Mercom India. Prior to joining Mercom, Soumik was a correspondent for UNI, New Delhi covering the Northeast region for seven years. He has also worked as an Asia Correspondent for Washington DC-based Hundred Reporters. He has contributed as a freelancer to several national and international digital publications with a focus on data-based investigative stories on environmental corruption, hydro power projects, energy transition and the circular economy. Soumik is an Economics graduate from Scottish Church College, Calcutta University.