Canadian Solar sells 61 MWp projects to CSIF for $283 mn

Canadian Solar Ontario project

Canadian Solar has completed the sale of two operational projects totaling 61 MWp to Canadian Solar Infrastructure Fund (CSIF) for JPY 30.6 billion or approximately $283 million.

CSIF recently completed an international public offering and raised over JPY 18 billion or $166 million on the Tokyo Stock Exchange to finance the acquisition of the 53 MWp Oita Hiji-machi and 8 MWp Miyagi Ogawara projects. Canadian Solar participated in this transaction and continues to own approximately 15 percent of CSIF.

Additionally, CSIF issued over JPY 19 billion or $175 million of long-term debt to maintain its capital structure. These transactions affirmed CSIF as one of the largest listed infrastructure funds in Japan with over JPY 80 billion or $740 million of operational solar assets under management.

Canadian Solar recently launched the Japan Green Infrastructure Fund to accelerate the development of new solar projects in the country.

“We have surpassed $1 billion of asset sales in the Japanese solar market, helped by significant growth in the Canadian Solar Infrastructure Fund which Canadian Solar continues to sponsor both as the asset manager and the largest investor. Since CSIF’s listing in October 2017, it has grown over 2.5 times and now owns 25 solar power plants totaling 184 MWp across Japan,” said Shawn Qu, chairman and CEO of Canadian Solar.