(Shutterstock.com)
Asia Pacific investment firm PAG has agreed to invest $200 million in secured convertible notes issued by Ontario-based Canadian Solar, the company said on Aug. 19.
The transaction is expected to close in the fourth quarter of 2024, subject to closing conditions, Canadian Solar said in a news release.
The solar company, which will retain flexibility on draw downs, said it plans to use the net proceeds to optimize its capital structure, repay debt and invest in solar development projects.
“The notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives,” said Canadian Solar CEO Shawn Qu. “This transaction paves the way for long-term strategic collaboration with PAG in solar and in clean energy.”
Payable quarterly in arrears, the notes will bear an interest rate of 6% per annum and will mature on Dec. 31, 2029. In addition, note holders have the right to require Canadian Solar to repurchase the notes shortly after Dec. 31, 2027, according to the release.
Recommended Reading
Ghana Extends Production Licenses to 2040 for Two Fields
2025-06-05 - The MOU with Kosmos Energy, Tullow Oil, Ghana National Petroleum and others includes approval to drill up to 20 more wells in the Jubilee field.
TGS Releases Dataset for Uinta, Piceance, Paradox Basins
2025-05-27 - The dataset is designed to support a range of subsurface applications across the oil and gas industry, including conventional and unconventional exploration, regional screening and carbon storage assessment.
US Says There are Significant Undiscovered Oil, Gas Resources in Wyoming
2025-05-21 - A new federal assessment has identified significant undiscovered, technically recoverable oil and gas resources in parts of Wyoming, Utah and Colorado, the U.S. Interior Department said on May 21.
Turkey Finds 75 Bcm of NatGas in Black Sea
2025-05-22 - Turkish Petroleum Corp. has discovered 75 Bcm of natural gas reserves in the Black Sea.
2025 E&P Meritorious Engineering Awards for Innovation
2025-05-14 - Hart Energy honors 16 technologies that demonstrate upstream engineering excellence.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.