Canadian Solar has signed an agreement to sell 30 percent of the preferred units of the company’s first Italian alternative investment fund (CSFS Fund I) to Gardant Investor SGR.
CSFS Fund I is an alternative investment fund managed by Finint Investments SGR, an asset management company with the goal of supporting the real economy, housing needs of the population and the green economy.
CSFS Fund I’s perimeter includes a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located across Italy’s Sicily, Sardinia and Lazio regions. These projects are currently under construction and expected to reach commercial operation between March and December of 2023. Canadian Solar developed these projects and will provide the operations and maintenance services once they are completed.
Gardant Investor SGR is committed to cover 30 percent of the projects’ construction expenditures. Canadian Solar targets to sell an additional 30 percent preferred units to a different financial investor while retaining 40 percent non-preferred units in the long run.
Shawn Qu, Chairman and CEO of Canadian Solar, said: “CSFS Fund I was established to execute Canadian Solar’s long-term asset ownership strategy in Italy, a growing market where Canadian Solar now has a total solar project pipeline exceeding 1.8 GWp and a storage pipeline exceeding 2 GWh.”