Canadian Solar Reports Successful Completion Of Fundraising For CSI Solar

(RTTNews) - Canadian Solar Inc. (CSIQ) has agreed to an approximately $260 million capital raising for its Module and System Solutions subsidiary, CSI Solar Co., Ltd. The company noted that this capital raising is an important step for CSI Solar to qualify for the planned carve-out IPO in China.

Shawn Qu, CEO, said: "The successful completion of this fundraising will also give us the capital to immediately expand our manufacturing capacity with the most advanced manufacturing technologies available to support our targeted 18GW to 20GW in shipments for 2021."

Canadian Solar said it remains fully committed to its shareholders and NASDAQ listing and will remain the majority and controlling shareholder of CSI Solar after its planned IPO in China.