Canadian Solar Gets Financing Deals


Canadian solar (CSIQ) announced two financing deals today, which ought to help the company survive the current rough patch the solar industry is trying to navigate.

One is with the Suzhou New District, who will provide matching funds of $1 million so the company can build local solar projects there. The other deal is with Bank of China, the Bank of Communications, and the Industrial and Commercial Bank of China to provide up to $2.2 billion in potential credit facilities.

This is probably a bad sign. The release says, “Loans may also be used for trade financing, internal corporate projects or working capital.” It also says the money can be called upon to be used for building projects around the world. If the company needs to borrow billions to stay afloat and fund further operations, we’d be worried.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.