The Japan Credit Rating Agency, Ltd. ("JCR") has assigned the investment grade rating of "A" to the Gunma Aramaki project, which is in line with the highest rating in the Japan PV sector. Further, Japan Research Institution, Limited ("JRI") provided an independent certification for the designation as green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA"). The asset-backed non-recourse bond has been issued at par and pays a fixed coupon of 1.2875% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3588% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp. was appointed the trustee. The Gunma Aramaki Solar Power Plant is expected to reach commercial operations in December 2017.