Canadian Solar (CSIQ) announced that it has reached a RMB1.78 billion yuan financing agreement (approximately US$260 million) for Canadian Solar Power Group, its component and system solutions business subsidiary, and successfully introduced a number of well-known institutional investors and strategic partners, including CDH Investment and Oriza Holdings.
The completion of this capital financing is an important step in the spin-off of Canadian Solar Power Group and its qualification for listing in China.
Canadian Solar (CSIQ) was founded in 2001 by Dr. Xiaohua Qu, a solar energy expert, and listed on the Nasdaq Stock Exchange in 2006. It is the first integrated photovoltaic company in China to land on the Nasdaq in the United States.
In 2017, Canadian Solar Infrastructure Fund (Canadian Solar Infrastructure Fund, Inc., CSIF) was successfully listed on the Tokyo Stock Exchange in Japan.
Since its establishment 19 years ago, Canadian Solar has established 15 photovoltaic silicon wafer, cell and module manufacturers in 6 countries and regions through diversified development strategies and market layout, and established more than 40 companies in more than 20 countries and regions.
It has established partnerships with 73 top international banks and financial institutions around the world, and is a leading solar energy company in the world in terms of comprehensive strength.
As of the second quarter of 2020, Canadian Solar has cumulatively provided approximately 46 GW of solar photovoltaic power generation products to more than 2,000 active customers in more than 150 countries around the world, with cumulative sales exceeding RMB 200 billion.
Exports accounted for 85%, and the foreign exchange earned from exports exceeded US$24 billion (about 170 billion yuan).
Dr. Xiaohua Qu, the founder, chairman and CEO of Canadian Solar, said: “This successful financing is an important milestone for Canadian Canadian Solar and will accelerate Canadian Canadian’s MSS business (ie CSI Solar, Canadian Solar) in China’s listing work. At the same time, the success of this financing also reflects Canadian MSS’s reasonable valuation. This financing also enables us to rapidly expand Canadian Canadian advanced manufacturing capacity in China, thereby supporting us to reach 18GW in 2021~ 20GW shipment target. We believe that this expansion strategy will help us further increase market share, maintain and strengthen our pricing capabilities in the market, and better control manufacturing costs."
CDH Investment has long focused on the new energy and high-end manufacturing fields, and has explored investment opportunities in the upstream and downstream of the industry chain.