New Delhi: Multinational giant today announced it has completed the sale of three of its projects totalling 30.4 Megawatt for $103.1 million to Canadian Solar Fund ( ) in . The acquisition expands CSIF’s current capacity to 105.6 Mw from 75.2 Mw. The three projects include the 27.3 MW Daisen-cho Plant in Tottori Prefecture, the 2.1 MW Ena-shi Plant and the 1 MW Takayama-shi Plant in Gifu Prefecture. The plants had reached commercial operation in August, September and October 2017, respectively. The electricity generated from the projects is being sold under 20-year feed-in-tariff contracts at the rate of Japanese Yen (JPY) 40 per unit, JPY32 per unit and JPY32 per unit, 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. We expect there will be additional mutually beneficial asset drop down opportunities with CSIF in the future," Shawn Qu, Chairman and Chief Executive Officer (CEO) of Canadian Solar said. Canadian Solar was founded in Canada in 2011 and is present in the solar panels manufacturing and solar energy solutions space. Listed on NASDAQ, the firm is executing a pipeline of utility scale projects across multiple countries. CSIF was launched on the Tokyo Stock Exchange as an infrastructure investment fund in October 2017 with initial capacity of 72.7 MW.
Nasdaq-listed Canadian Solar has completed the sale of three of its Japanese assets, with a combined capacity of 30 MW, to the Canadian Solar Infrastructure Fund (CSIF) for $103m. The purchase expands CSIF's Japanese portfolio from 75.2 MW to 105.6 MW, and is part of the company's wider growth strategy in the country.