Canadian Solar receives funding to expand Vietnam facility

The International Finance Corporation (IFC) agreed to loan US$70 million to Canadian Solar.

Proceeds of the investment and financing package will be used to fund Canadian Solar’s module production facility in Vietnam and expansion of solar cell and/or module production capacities in other emerging markets.

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in emerging markets.

“We are delighted to secure support from IFC. This partnership is another milestone that enhances our leading position in the global solar power industry,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “With IFC’s commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide. We look forward to continuing our cooperation with IFC to accelerate the adoption of solar energy around the world, especially in developing economies, and to mitigate climate change.”

Alzbeta Klein, Director, IFC Manufacturing, Agribusiness and Services said, “The solar industry is at an exciting juncture, where rapid cost declines have made it a scalable option for emerging markets. IFC views this transaction as a first step in a long-term partnership with Canadian Solar, a global leader in the industry, and we look forward to collaborating on business models that will enable low-carbon energy access.”