BME’s Fixed Income Market, MARF, has registered the first Green Guaranteed Euro Medium Term Note Program by Canadian Solar EMEA Capital Markets, a subsidiary in Spain of Canadian company Canadian Solar Inc. With this bond program, the company will be able to issue up to 100 million euros in medium and long-term securities, which will have a minimum unit nominal value of 100,000 euros, fixed or variable coupons and maturities to be determined at the time of issuance. The bonds will be guaranteed by Canadian Solar Inc. as set out in the documentation filed in MARF.
The issues made under the program may qualify as Green Bonds in accordance with the Green Bond Principles (GBP) published by the International Capital Market Association (ICMA) and the second opinion issued by Sustainalytics SARL in relation to the Green Financing Framework set out by Canadian Solar Inc. for EMEA.
Bankinter acts as Sole Lead Arranger, Placement Entity and Payment Agent for the Program. VGM Advisory is the issuer’s Registered Advisor in MARF. In this transaction Ramón y Cajal Abogados has advised the issuer and the guarantor on Spanish law, WeirFoulds on Canadian law and Kirkland & Ellis on US law. Cuatrecasas has been the legal advisor of Bankinter.
Axesor Risk Management has assigned Canadian Solar Inc a corporate rating of BBB with stable outlook.
Canadian Solar is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has delivered over 59 GW of premium-quality, solar photovoltaic modules to customers across the world. Since 2010, Canadian Solar has developed, built and connected over 6 GWp in over 20 countries across the world. Currently, the Company has 22 GW in solar projects and 19 GWh of storage projects in pipeline.
In 2020 the company’s consolidated turnover was close to 3.5 billion dollars, its EBITDA reached 416 million dollars and employs nearly 14,000 staff worldwide. Canadian Solar Inc. has been listed on NASDAQ since 2006.
