Canadian Solar sells three solar power plants in Japan

Canadian Solar Ontario project

Canadian Solar has completed the sale of three solar power plants totaling 30.4 MWp for $103.1 million to the Canadian Solar Infrastructure Fund in Japan.

The solar deal 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, which reached commercial operation in 2017, will sell electricity under 20-year feed-in-tariff contracts at the rate of JPY40/kWh, JPY32/kWh and JPY32/kWh, respectively.

“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,” Canadian Solar CEO Shawn Qu said.

CSIF, which was launched on the Tokyo Stock Exchange as an infrastructure investment fund last October with initial capacity of 72.7 MWp, increased capacity to 75.2 MWp in February 2018 after the first asset drop down of two additional solar power plants totaling 2.5 MWp from Canadian Solar.

Canadian Solar owns approximately 15 percent ownership of CSIF. CSIF’s total assets under management is JPY47.493 billion or $427.4 million after giving effect to the offerings and acquisitions.