Canadian Solar issues EUR-30m green bond for EMEA solar, storage projects

Canadian Solar Inc (NASDAQ:CSIQ) has issued a EUR-30-million (USD 33.9m) green bond to raise funds for projects in its gigawatt-scale solar and storage portfolio in the Europe, Middle East and Africa (EMEA) region.

The notes bear a coupon of 4.0% and are due in December 2026, Canadian Solar said on Thursday. Among the investors were public credit entities, mutual funds and non-financial corporations.

The issuance is part of the EUR-100-million Canadian Solar EMEA Green Medium Term Note Program, which the solar technology company recently registered in the Spanish multilateral trading facility for debt securities MARF.

The proceeds will be used to support the growth, development and construction of Canadian Solar’s EMEA portfolio, which at present stands at 4.6 GW of solar PV and 2.0 GWh of battery storage projects, the company said.

Canadian Solar may raise the remaining amount under the EUR-100-million note programme in the next 12 months, depending on the timing of its capital requirements and market conditions, it added.

(EUR 1.0 = USD 1.131)

Choose your newsletter by Renewables Now. Join for free!