Canadian Solar Offloads 10.8 MW Solar Plant in Japan to CSIF

Canadian Solar has completed the sale of a 10.8 MW solar power plant in the Shizuoka Prefecture in Japan to the Canadian Solar Infrastructure Fund

Canadian Solar, one of the world’s largest solar power companies, has announced that it has completed the sale of a 10.8 MW operating solar power plant in Izu-shi, Shizuoka Prefecture in Japan to the Canadian Solar Infrastructure Fund (CSIF) for USD 42.1 million.

The Izu-shi solar power plant is powered by 30,202 Canadian Solar KuMax 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 USD 0.33/kWh.

Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar said, “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 stands at approximately 217 MW with a weighted-average FIT of JPY 36.0 (USD 0.33/kWh).

Recently, we had reported that the firm had reached commercial operation on a 53.4 MW solar power plant in Japan.

The Oita Hiji Machi solar project achieved commercial operation on October 31, 2019, and is powered by 160,308 Canadian Solar MaxPower modules. The plant is expected to generate approximately 61,587 MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of JPY 40.0 (USD 0.37) per kWh.

Earlier, we reported that Recurrent Energy, a wholly-owned subsidiary of Canadian Solar had closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 74.8 MWac/102 MWp NC 102 solar photovoltaic (PV) project, located in Cabarrus County, North Carolina, to NextEnergy Capital.