Ramón y Cajal advised Canadian Solar on its €100m guaranteed green note program filed with the MARF

Ramón y Cajal acted as legal advisor as to Spanish law to Canadian Solar EMEA Capital Markets SAU (as a SPV issuer) and its parent company Canadian Solar Inc. (as guarantor) in connection with a € 100m guaranteed green note program filed with the Spanish MARF.

This is a MARF pioneering transaction as it is the first note program filed with the MARF by a Spanish SPV guaranteed by a NASDAQ listed Canadian company.

Bankinter acted as Sole Lead Arranger of the note program and placement entity of the notes. The notes may qualify as “green bonds” pursuant to the International Capital Market Association (ICMA) Green Bond Principles and the Green Financing Framework adopted by Canadian Solar for the EMEA area. 

With the note program, Canadian Solar aims to increase its sustainable investment footprint, using the funds obtained to finance new solar PV projects, pursuing the achievement of the Sustainable Development Goals of United Nations, as well as funding future acquisitions both nationally and internationally. 

Ramón y Cajal’s team was led by Capital Markets partner Carlos Lao and included senior associate Miguel Sánchez and associate Jesús Esteban.