Canadian Solar Inc. has inked a three-year, US$35-million credit facility agreement with Sumitomo Mitsui Finance and Leasing Co. (SMFL). The money will be used to support project development in Japan and other important markets.

“This is our second financing with the broader Sumitomo Mitsui Financial Group,” said Shawn Qu, chair of the board and CEO at Canadian Solar. We have successfully raised in excess of JPY13 billion of credit lines (approximately US$114 million) with them. We look forward to expanding our banking relationship in Japan and other important markets."

SMFL is one of Japan's largest leasing institutions with global presence. The facility received commitments from five finance leasing institutions. The Company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.