SCB joins funding for Canadian Solar

SIAM COMMERCIAL BANK and China Minsheng Bank have signed a US$210-million (Bt7.44 billion) financing agreement with Canadian Solar, a major solar-module manufacturer, to support its new production base in Thailand. 
SCB described the agreement |as one of the largest FDI (foreign direct investment) financing transactions in the past 12 months.
 Sarut Rattanaporn, SCB first executive vice president, said the bank was committed to promoting the investment climate and supporting FDI in a bid to drive economic growth. 
“Canadian Solar is another success story and one of the largest investors to Thailand in recent years,” he said.
To date, SCB has extended close to Bt15 billion in financing to Chinese investors and says it plans to double the amount in three years. 
“With our proven track record in supporting foreign investors and in-depth understanding of the renewable-energy industry, we are ready to offer Canadian Solar a full range of financial solutions,” Sarut said. 
“We are confident that our partnership will enable Canadian Solar to expand its production base in Thailand smoothly and successfully to achieve its aspirations.” 
The bank also realises the importance of clean fuels as |major energy sources for the future. It is in line with Thai government policy and the bank’s strategy of promoting alternative energy, he said.
Shawn Qu, president and chief executive of Canadian Solar, said the company was confident that this investment would enhance the clean-energy requirements for exports to North America and the region, while creating employment in Thailand and boosting the Kingdom’s economic growth.