Canadian Solar Completes 61 MWp Solar Portfolio Sale in Japan and Deepens Partnership with Canadian Solar Infrastructure Fund
On March 8, 2021, Canadian Solar (NASDAQ: CSIQ) announced the sale of two solar projects totaling 61 MWp to Canadian Solar Infrastructure Fund (CSIF) for JPY 30.6 billion (approximately US$283 million). CSIF financed this acquisition through a public offering that raised over JPY 18 billion (around US$166 million) and issued JPY 19 billion (US$175 million) in long-term debt. With this transaction, CSIF has expanded to 25 solar power plants across Japan, with over JPY 80 billion (US$740 million) in operational assets. The company aims to leverage partnerships for further growth in solar projects in Japan and beyond.
- Completed sale of 61 MWp solar projects for US$283 million, enhancing financial position.
- CSIF's capital raised strengthens its position as a major infrastructure fund in Japan with over US$740 million in assets.
- Canadian Solar's ongoing 15% ownership in CSIF aligns its interests with the fund's growth.
- Significant growth opportunities identified in Japan and expansion plans in Latin America and Europe.
- None.
GUELPH, ON, March 8, 2021 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that it has completed the sale of two operational projects totaling 61 MWp to Canadian Solar Infrastructure Fund ("CSIF", TSE: 9284) for JPY 30.6 billion (approximately US
To finance the acquisition of the 53 MWp Oita Hiji-machi and 8 MWp Miyagi Ogawara projects, CSIF recently completed an international public offering and raised over JPY 18 billion (US
"I am pleased to report that we have surpassed
He added, "The greater scale and expanded capital base will help our solar fund platforms to pursue attractive investment opportunities. We see significant prospects to increase shareholders' returns with similar capital partnership platforms where we have secured gigawatt-scale pipelines, particularly in Latin America and Europe."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 49 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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SOURCE Canadian Solar Inc.
FAQ
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