Wuhu Sanshan 100 MW solar project in China uses Canadian Solar's modules. (Photo: Canadiansolar.com)
Canada-headquartered Canadian Solar Inc. has secured $70 million in loans and equity investment from the International Finance Corporation (IFC
) to carry out a plan to establish a 300MW module assembly plant in Vietnam and fabs elsewhere.
The terms of the deal include a $60 million loan and a $10 million subscription in Canadian Solar common shares.
“With IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide,” said Shawn Qu, chairman and chief executive officer of Canadian Solar.
Canadian Solar is looking to build manufacturing capacity in Asia and Latin America and will utilize these funds to construct fabs in these countries, as well as other emerging markets, the company said.
The firm had previously announced it would allocate around $401 million in capital expenditures through the end of 2016 to significantly increase in-house wafer, cell and module production capacity and locate new plants in multiple countries, including 300MW in Vietnam, 30MW in Indonesia, and 300MW in Brazil.