Canadian Solar offloads 11-MWp PV plant in Japan to infrastructure fund

Solar park in Japan. Author: Minoru Karamatsu. License: Creative Commons.

December 2 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has today closed the sale of a 10.8-MWp solar park in Japan to subsidiary Canadian Solar Infrastructure Fund Inc (TYO:9284), or CSIF.

The infrastructure investment fund, which was created in October 2017, paid approximately JPY 4.6 billion (USD 42m/EUR 38m) for the asset located in Shizuoka prefecture.

The Izu-shi photovoltaic (PV) plant became operational last December and is selling its output to Tokyo Electric Power Co Inc (TYO:9501), also know as TEPCO, at the rate of JPY 36 per kWh.

“We are confident this transaction will enhance CSIF's existing high-quality portfolio and provide accretive growth in their cash flow and energy production,” said Shawn Qu, chairman and CEO of Canadian Solar.

Currently, Canadian Solar has some 217 MWp of ready to build, under construction or operational projects in Japan.

(JPY 100 = USD 0.913/EUR 0.828)

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