Canadian Solar said it completed a previously announced “at-the-market” offering program of common shares through which it sold 3.6 million of its common shares and raised $150 million in gross proceeds before deducting commissions and offering expenses.
The company said it intends to use the net proceeds to execute its long-term strategic growth plans, including investing in its battery storage business and growing its storage pipeline, and for general corporate purposes.
It said it may use a portion of the proceeds to invest in or acquire businesses, assets, or technologies, including possible investments to strengthen its portfolio of solar power projects that it has developed, and that may be monetized in markets such as Europe and Brazil.
Canadian Solar has around 430 MWp of solar projects in operation, nearly 7 GWp of projects under construction or in backlog, and another 17 GWp of projects in its pipeline. The company has been publicly listed on the NASDAQ since 2006.
