Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced that it has completed the sale of three additional solar power plants totaling 30.4 MWp for JPY11.5 billion(US$103.1 million) to the Canadian Solar Infrastructure Fund, Inc. (“CSIF”, Tokyo Stock Exchange ticker 9284) in Japan. This expands CSIF’s current capacity to 105.6 MWp from 75.2 MWp.
The 30.4 MWp portfolio consists of the 27.3 MWp Daisen-cho Plant (CS6X-320P) in Tottori Prefecture, the 2.1 MWp Ena-shi Plant (CS6U-325P) and the 1 MWp Takayama-shi Plant (CS6U-330P) in Gifu Prefecture. The plants reached commercial operation in August, September and October 2017, respectively. The electricity generated is being sold under 20-year feed-in-tariff contracts at the rate of JPY40/kWh, JPY32/kWh and JPY32/kWh, respectively.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “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 100 MWp milestone threshold. We expect there will be additional mutually beneficial asset drop down opportunities with CSIF in the future.”