Canadian Solar has completed the sale of two operational projects totaling 61 MWp to Canadian Solar Infrastructure Fund for JPY 30.6 billion.
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 ($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 ($175 million) of long-term debt to maintain its capital structure.
“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. “Dr. Shawn Qu, chairman and CEO of Canadian Solar.