Canadian Solar (IFC-36142)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Countries
  • Brazil
  • China
  • Indonesia
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 28, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Canadian Solar Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2019

Disclosed by Bank Feb 4, 2016

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, a new module manufacturing facility is being established currently in the Vietnam Singapore Industrial Park, Hai Phong, Vietnam.Canadian Solar as a project company. The company has diversified into other markets by building and connecting more than 1.74 GWp of projects (ncluding projects developed and connected by its wholly owned subsidiary, recurrent energy, a solar energy developer in North America) either as an engineering, procurement and construction ("EPC") contractor, or project developer.

The investment in which IFC involves:
1. Purchase of up to $10 million of shares in the company; and
2. Loans of up to $40 million for IFC's own account and $20 million as part of the Managed Co-Lending Portfolio Program.

The proceeds of the equity and loans will be directed towards the manufacturing facility in Vietnam and those to be potentially constructed in Brazil as well as general corporate finance purposes related to manufacturing operations in emerging markets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Canadian Solar Inc. (“Canadian Solar” or “the Company”), founded in 2001, is a tier-one solar manufacturer and solar energy solutions provider that has two main business focus areas:
(i) the manufacture and sale of solar modules; and
(ii) the development of utility scale and distributed solar power plants. Canadian Solar shipped 3.105GW of solar modules in 2014 and is the third largest solar company in the world by revenue.

The Company is headquartered in Guelph/Ontario, Canada with manufacturing operations in Canada, China, and Indonesia. The proposed project will support Canadian Solar’s modules manufacturing plant expansion plans in emerging market locations, here foremost Vietnam and other corporate financing requirements related to manufacturing operations in emerging markets (the “Project”).


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Canadian Solar (USA) Inc.
Dr. Andrea Wuttke
Phone No.: +1 888 998 7739
Email Address: andrea.wuttke@canadiansolar.com
2420 Camino Ramon, Suite 125, San Ramon, CA 94583-4385, USA

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works