Canadian Solar is set to receive a financing package of up to $70 million in loans and equity investment from International Finance Corporation (IFC).
IFC, a member of the World Bank Group, will offer loans of up to $60 million, and pick up stake worth up to $10 million in Canadian Solar.
Canadian Solar will utilize the funding for its module production facility in Vietnam and expanding solar cell and / or module production capacities in other emerging markets.
“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,” said Shawn Qu, chairman and chief executive officer of Canadian Solar.