Canadian Solar, a manufacturer of solar photovoltaic modules and silicon ingots, and a provider of solar energy and battery energy storage solutions, announced the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031.
The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
The net proceeds from the offering are around $223.1 million, after deducting the initial purchasers’ discount and estimated offering expenses.
Canadian Solar has delivered nearly 170 GW of solar photovoltaic modules to customers worldwide. Through its subsidiary e-STORAGE, the company has also shipped more than 16 GWh of battery energy storage solutions globally. Since 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects worldwide.
The offering will be used by the company for investments in U.S. manufacturing and in the value chain supporting battery energy storage and solar power solutions, as well as for working capital and general corporate purposes.
In 2024, the company announced that it had entered into a definitive agreement with PAG, an investment firm in the Asia Pacific, for $200 million in aggregate principal amount of convertible notes to be issued by the company.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, announced solar debt financing activity in 9M 2025 totaled $12.7 billion in 60 deals, 24% lower than 9M 2024, when $16.7 billion was raised in 68 deals.
In August, BlueWave, a solar and storage developer, owner, and operator, secured $247 million from two credit facilities. The first $125 million revolving construction-to-term loan facility was led by KeyBank and the National Bank of Canada. The remaining $122 million corporate revolving credit facility was provided by KeyBank and the Canadian Imperial Bank of Commerce, the New York branch.
