Canadian Solar Completes 61 MWp Solar Portfolio Sale in Japan and Deepens Partnership with Canadian Solar Infrastructure Fund
These transactions affirmed CSIF as one of the largest listed infrastructure funds in Japan with over JPY 80 billion (US$740 million) of operational solar assets under management.
Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that it has completed the sale of two operational projects totaling 61 MWp to Canadian Solar Infrastructure Fund ("CSIF", TSE: 9284) for JPY 30.6 billion (approximately US$283 million).
To finance the acquisition of the 53 MWp Oita Hiji-machi and 8 MWp Miyagi Ogawara projects, CSIF recently completed an international public offering and raised over JPY 18 billion (US$166 million) on the Tokyo Stock Exchange. Canadian Solar participated in this transaction and continues to own approximately 15% of CSIF. Additionally, CSIF issued over JPY 19 billion (US$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 (US$740 million) of operational solar assets under management.
"I am pleased to report that 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. A few weeks ago, we also launched the Japan Green Infrastructure Fund to accelerate the development of new solar projects in the country. We are very excited about the growth opportunities in this market," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He added, "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."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 49 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.