Canadian Solar acquires 13 Japanese solar projects for $267m
Following its recent trading debut in Tokyo, Canadian Solar's photovoltaic investment vehicle has successfully acquired 13 Japanese solar projects for $267 million, representing 72.7 MW of solar capacity. The projects are spread across Japan, with plants located in Kyushu, Kumamoto, Nagasaki and others. The Canadian Solar Infrastructure Fund (CSIF) was listed on the Tokyo Stock Exchange at JPY100,000 ($879) per unit. Canadian Solar bought about 14% of the 177,800 issued units and now looks set to use the fund to finance long-term investments in solar projects.

Canadian Solar has successfully connected to the grid 52.5 MWp of solar PV plants across Japan, including the 47.7 MWp Mashiki plant, the 2.4 MWp Yamagata Asahimachi plant, the 1.3 MWp Shizuoka Tashiro plant and the 1.1 MWp Saitama Shiroishi plant.

Canadian Solar listed the Canadian Solar Infrastructure Fund (CSIF) on the Tokyo Stock Exchange’s (TSE) infrastructure investment fund securities market earlier this week. CSIF priced its initial public offering of 177,800 investment units at JPY 100,000 per unit. Canadian Solar bought 25,395 units.

The fund will act as a vehicle through the group that can make long-term investments in solar projects. The 72.7 MW of solar capacity that CSIF picked up across 13 locations this week has been assembled to serve as its initial portfolio.

The projects that CSIF has purchased are scattered throughout the country, including installations in Ibaraki and Shizuoka prefectures on the eastern side of the island of Honshu, according to a statement to the TSE. However, many of the plants are located on the southwestern island of Kyushu, in Kumamoto, Nagasaki, Oita and Kagoshima prefectures. Although most of the acquired assets are below 2 MW in size, the portfolio includes a 34 MW solar plant in Kumamoto.

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Canadian Solar Projects K.K., a wholly owned subsidiary of Canadian Solar, is the sole sponsor of CSIF. Canadian Solar Asset Management K.K., a wholly owned unit of Canadian Solar Projects, will manage all of the purchased assets on behalf of CSIF.