February 18 (SeeNews) - Photovoltaic (PV) panels maker Canadian Solar Inc (NASDAQ:CSIQ) announced on Thursday it has obtained an up to USD 300 million (EUR 270.5m) credit line from Chinese lender Ping An Bank.
The company said in a statement it will use the funds to support solar power project development, construction and operation activities of US subsidiary Recurrent Energy LLC. The credit line has a three-year maturity.
"The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the US,” said Shawn Qu, chairman and CEO of Canadian Solar.
Recurrent Energy previously secured funds for three solar joint ventures with wholesale energy provider Southern Power. The parties will cooperate to develop the 200-MW Garland project and the 200-MW Tranquillity scheme in California, as well as the 157-MW Roserock development in Texas.
(USD 1.0 = EUR 0.902)