Bangkok--16 Jan--Siam Commercial Bank
Photo Caption:
Mr. Sarut Rattanaporn (seated on right), First Executive Vice President, Siam Commercial Bank and Dr. Shawn Qu (seated on left), President & CEO of Canadian Solar Inc., recently signed a strategic partnership agreement whereby SCB and China Minsheng Bank will provide USD 210 million in syndicated financing for Canadian Solar's newly established Thailand manufacturing facility. Operating as Canadian Solar Manufacturing (Thailand) Co., Ltd., located at Rojana Industrial Park in Bowin, Chonburi. Canadian Solar is the world's second largest solar company in terms of revenue, listed in NASDAQ with the revenue of USD 3.5 billion in 2015.
Confident in Thailand's economic potential, Siam Commercial Bank continues to lead in promoting and supporting foreign direct investment (FDI) to boost the nation's economic growth. With this in mind and in line with the government's policy promoting clean energy, SCB and China Minsheng Bank have signed a USD 210 million financing agreement with Canadian Solar- the world's top solar module manufacturer, to support their new production base in Thailand. This is one of the largest FDI financing transactions in the past 12 months.
Mr. Sarut Rattanaporn, SCB First Executive Vice President, noted that, "Currently, Thailand is recognized by global investors as a key investment hub for the region thanks to our strong economic fundamentals, readiness of our infrastructure, strategic location in ASEAN, and skilled labor force. SCB is 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.
SCB is pleased with Canadian Solar's confidence in entrusting SCB as its strategic financial partner in Thailand. To date, SCB has extended close to THB15bn in financing to Chinese investors and plans to double the amount in 3 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. 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 realizes the importance of clean energy as a major energy source for the future, and is more than eager to promote this initiative. I am confident Canadian Solar's investment will help boost the country's economy and drive job creation. It is in line with Thai government policy and the bank's strategy of promoting alternative energy. SCB is humble to play a role in this."
Dr. Shawn Qu, President & CEO, Canadian Solar Inc. further noted that, "We see Thailand's strong potential forrenewable energy industry investment. We are confident that this investment in expanding our production base will cover the clean energy requirements for exports to North America and the region, while helping creating local employment in Thailand and boost Thailand's economic growth. We wish to thank Siam Commercial Bank for Canadian Solar's business expansion in Thailand. We look forward to the continued support from SCB in Canadian Solar's business in Thailand. With this support, we are confident that Canadian Solar will bring more economic, social, and environmental benefits to the region by providing a clean and sustainable alternative energy source."