Canadian Solar Receives $70M In Financing From IFC

Canadian made an announcement of achieving $70 Million of finances through an agreement with   International Finance Corporation.

Canadian Solar Incorporation, made an announcement of reaching an agreement with International Finance Corp. The company is able to securing finances of almost $70 million (USD). The finances attained by the giant solar company cover up loans to it of up to $60 million and $10 million as the shares of the business.

Canadian Solar Inc.’s partnership with the IFC allow it to expand to Latin America and even Asia, it can even conduct operation in alliance with IFC’s social and environmental performance terms and conditions. The loan and equity of $70 million by the IFC will help the energy business expand further crossing geographical boundaries. The IFC is a member of the World Bank Group, and is highly focused on emerging markets in the private sector.

The solar power creator will be able to make more solar modules through this recent financing at its facility situated in Vietnam and the creation of solar cells in other markets of the world. The chairman and CEO of the energy giant organization, Dr. Shawn Qu showed his happiness regarding this agreement and said, “We are delighted to secure support from IFC. This partnership is another milestone that enhances our leading position in the global solar power industry, with IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide.” Shawn Qu is looking forward to this partnership, and is hoping to make the best out of it.

The renewable energy maker plays a huge role in combatting the climate change issue that is faced by the entire world by producing renewable energy products and distributing them throughout the world. It is even expanding to Asia and other places of the world including China, further expansion will be witnessed. Low-carbon energy access is staring to become a need worldwide as people are achieving more and more awareness regarding global warming and want to make a change if not destruction.

The director of IFC, Alzbeta Klein is excited about this partnership, as the cost declines have enabled his company to emerge markets and he believes this is the first step towards a long-term partnership with the energy giant. He is happy to contribute to the world by reducing carbon dioxide through construction of more solar panel and modules. This partnership according to both the senior executive in the agreement can be expected to last for a very long time and more solar projects can come in the future through this recent deal and finances.