Canadian Solar completes sale of three solar plants for $103.1m

10 September 2018 (Last Updated September 10th, 2018 16:42)

Canadian Solar has completed the sale of three additional solar power plants to the Canadian Solar Infrastructure Fund (CSIF) in Japan for JPY11.5bn ($103.1m).

Canadian Solar completes sale of three solar plants for $103.1m
Solar power farm. Credit: Andreas Gücklhorn on Unsplash.

Canadian Solar has completed the sale of three additional solar power plants to the Canadian Solar Infrastructure Fund (CSIF) in Japan for JPY11.5bn ($103.1m).

Last October, CSIF was launched on the Tokyo Stock Exchange as an infrastructure investment fund with an initial capacity of 72.7MWp.

“The newly acquired 30.4 MWp portfolio includes the 27.3MWp Daisen-cho plant, the 2.1MWp Ena-shi plant and the 1MWp Takayama-shi plant.”

With the addition of three solar power plants, which have a combined capacity of 30.4MWp, CSIF’s current clean power generation capacity has increased from 75.2MWp to 105.6MWp.

Canadian Solar chairman and CEO Dr Shawn Qu said: “We are pleased to complete the additional solar power plant asset drop down to our partner CSIF in Japan.

“This is another example of our successful global asset monetization strategy, which is the foundation for building greater value for Canadian Solar and all shareholders.

“Our asset management team is doing an excellent job executing on CSIF’s growth strategy in Japan and has quickly crossed the important 100MWp milestone threshold. We expect there will be additional mutually beneficial asset drop-down opportunities with CSIF in the future.”

The newly acquired 30.4MWp portfolio includes the 27.3MWp Daisen-cho plant, which is located in Tottori Prefecture, the 2.1MWp Ena-shi plant and the 1MWp Takayama-shi plant located in Gifu Prefecture.

The three plants are reported to have begun their commercial operations in August, September and October last year, and the electricity generated by these solar plants are being sold under 20-year feed-in-tariff contracts.