Canadian Solar has sold a 10.8-megawatt solar power plant in Japan to its subsidiary, the Canadian Solar Infrastructure Fund (CSIF), for ¥4.5 billion ($41 million).
The Izu-shi solar power plant reached commercial operations in December 2018 and has been selling power to Tokyo Electric Power Co. under a 20-year feed-in-tariff contract at the rate of ¥36 ($0.33) per-kilowatt hour.
CSIF launched on the Tokyo Stock Exchange as an infrastructure investment fund in October 2017 with initial capacity of 72.7 megawatts. With the acquisition, it will have a total operating capacity of 119.7 megawatts. Canadian Solar has a 14.7 percent ownership in CSIF, which has ¥54.6 billion ($502.6 million) in assets under management.
“We are confident this transaction will enhance CSIF’s existing high-quality portfolio and provide accretive growth in their cash flow and energy production,” said Shawn Qu, chairman and CEO of Canadian Solar, in a statement. “The size of the