Canadian Solar has sold two operational projects in Japan to a partially-owned infrastructure fund. Credit: Sebastian Ganso from Pixabay.

Canadian Solar has announced the sale of two operational projects totalling 61MW in Japan for approximately $283m (JPY30.6bn).

Canadian Solar Infrastructure Fund (CSIF) bought the projects, the 53MW-peak Oita Hiji-machi project and the 8MW-peak Miyagi Ogawara project.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

To fund the acquisition of the projects, CSIF recently completed an international public offering and raised more than $166m (JPY18bn) on the Tokyo Stock Exchange. Canadian Solar participated in this transaction and now owns nearly 15% of CSIF. The company issued over $175m (JPY19bn) of long-term debt to maintain its capital structure.

Canadian Solar chairman and CEO Dr Shawn Qu said: “I am pleased to report that we have surpassed $1bn of asset sales in the Japanese solar market, helped by significant growth in the CSIF 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 more than 2.5 times and now owns 25 solar power plants totalling 184MW across Japan.

“A few weeks ago, we also launched the Japan Green Infrastructure Fund to accelerate the development of solar projects in the country. The greater scale and expanded capital base will help our solar fund platforms to pursue attractive investment opportunities.

“We see significant prospects to increase shareholders’ returns with similar capital partnership platforms where we have secured gigawatt-scale pipelines, particularly in Latin America and Europe.”

The deal will make CSIF one of the largest listed infrastructure funds in Japan, with more than $740m (JPY80bn) of operational solar assets under its control.