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Canadian Solar will acquire 75.1% of three overseas factories
By Kari Lindberg ad Megawati Wijaya
Canadian Solar Inc. is seeking a US$350 million private credit loan to expand its U.S. operations, according to people familiar with the matter, as Washington steps up scrutiny of imports from China.
HSBC Holdings Plc is arranging the proposed loan, though terms such as tenor and pricing are still under discussions, the people said, who asked not to be identified discussing private matters.
The U.S.-listed company’s request for private debt — which is more expensive than traditional bank loans — follows an announcement of a joint venture with majority-owned Chinese unit CSI Solar Co. Under the arrangement, Canadian Solar will acquire 75.1 per cent of three overseas factories serving the U.S. market from CSI solar, in a deal valued at about US$50 million.
The move would enable CSI to remain compliant with U.S. restrictions, including direct tariffs on Chinese solar panels and batteries, as well as rules barring tax incentives for Chinese companies investing in renewable power manufacturing in the U.S.
A spokesperson for HSBC declined to comment, while Canadian Solar didn’t respond to multiple requests for comment.
Canadian Solar was the world’s seventh-biggest producer of solar panels in 2024, according to BloombergNEF data, and was an early entrant into the booming energy storage business.
Bloomberg.com
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