Canadian Solar, one of the world’s largest solar technology companies, announced this Thursday its intentions to open a $150 million sale of its shares, under an at-the-market equity offering program.
Firstly, the company has filed a prospectus supplement with the U.S. Securities and Exchange Commission in order to open the sale. According to the company’s statement, it intends to use the net proceeds from the ATM Offering to further enhance its growth plans.
Secondly, the long-term growth plan of Canadian Solar includes investing in its battery storage business and growing its storage pipeline. Also, the company may use a portion of net proceeds to invest in or acquire businesses, assets or technologies.
Thirdly, such investments would be complementary to its business; including investments to strengthen its portfolio of stable, cash-yielding solar power projects that it has developed; and may be monetized through public vehicles in markets such as Brazil and Europe.
However, Canadian Solar is not obligated to sell any common shares under the ATM Offering. The actual sale of its shares will depend on a variety of factors to be determined by the Company.
Also recommended for you: Pieridae Energy planning on carbon capture for gas plant in Alberta. Click here to read.
Canadian Solar, a top PV manufacturer
In addition, the company underlined that it expects to close the ATM offering over the course of six months, or larger if necessary.
On the other hand, the common shares will be offered and sold through US Tiger Securities Inc. as sales agent. Accordingly, sales may happen at market prices prevailing at the time of the sale; at prices related to prevailing market prices or at negotiated prices.
Furthermore, the ATM offering shall be carried out by means of ordinary broker transactions, in negotiated arrangements at market prices or as otherwise agreed with the sales agent.
Finally, Canadian Solar is one of the most reputed PV solar modules manufacturer; funded in 2001, it has successfully delivered over 55 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries, over the course of almost 20 years.