Canadian Solar Completes Sale of Solar Plant for US$42.1 Million

Canadian Solar (NASDAQ:CSIQ), a clean energy firm announced that it has completed the sale of a 10.8 megawatt power solar plan project located in Japan to the Canadian Solar Infrastructure Fund. The plant was sold for US$42.1 million, located in Izu-shi, Shizuoka Prefecture.

As quoted in the press release:

The Izu-shi solar power plant is powered by 30,202 Canadian SolarKuMax modules. It reached commercial operations in December 2018 and has been selling power to Tokyo Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0(US$0.33)/kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, “We are pleased to successfully complete another asset sale to CSIF. We are confident this transaction will enhance CSIF’s existing high-quality portfolio and provide accretive growth in their cash flow and energy production. The size of the listed infrastructure sector in Japan has more than doubled over the last two years, and along with that growth, CSIF has seen an increase in asset valuations.”

In Japan, Canadian Solar’s late-stage portfolio of ready to build, under construction or operational projects stand at approximately 217 MWp with a weighted-average FIT of JPY36.0(US$0.33)/kWh.

Click here to read the full press release.