Canadian Solar announced the close of the Japan Green Infrastructure Fund. Canadian Solar said it will partner with Macquarie Advisory & Capital Solutions. Macquarie is both the financial advisor and a minority investor in the Fund.
JGIF’s mission is to accelerate the development of new projects in Japan with monetization strategies, and expects to grant first offer rights to the Canadian Solar Infrastructure Fund, a Japanese-listed infrastructure fund holding operating solar assets managed by Canadian Solar’s asset management subsidiary.
The Fund marks Canadian Solar’s first platform entry into the private institutional capital pool. Together with Macquarie and other cornerstone investors, the Fund has secured JPY22 billion (US$208 million) of committed capital that will be used to develop, build and accumulate new solar projects in Japan. The Fund will consider green bond placements and project finance loans.
JGIF is managed as an approved 13X fund management company regulated under the Monetary Authority of Singapore (MAS).
Canadian Solar and Macquarie will jointly serve as general partners of the Fund, with an economic stake of 67 percent and 33 percent, respectively. The Fund aims to catalyze large-scale investments within its six-year fund term and will sell to managed funds or on the secondary market to maximize value.