Canadian Solar Completes Sale of 19 MWp Operational Project in Japan

• Canadian Solar has actually revealed that it has actually completed the sale of Gunma Aramaki, a 19 MWp operational solar power plant in the Yamaguchi Prefecture in Japan for JPY6.8 billion (roughly USD 64 million).

Canadian Solar offered its equity stake in the project to several easy investors in Japan and also stays the property manager and service provider of procedures and upkeep (" O&M") solutions under a long-term arrangement. Gunma Aramaki reached industrial procedure in December 2018 and also is powered by Canadian Solar high-efficiency modules. The electrical power produced is being purchased by Tokyo Electric Power Company at the rate of JPY36 (US$ 0.35) per kWh for 20 years.

" We have substantially boosted the worth of the Gunma Aramaki power plant over the past 2 years by acquiring the land for this project, as well as have at the same time gained from the asset's strong cash money generation," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "Gunma Aramaki's brand-new owners have purchased our previous projects, and also we are pleased to proceed working with them. As we stay the property manager and O&M provider for this project, we will continue to catch a share of the project's worth creation through stable and also long-lasting profits streams, along with the profits from the sale."

Dr. Qu included, "For timing factors, this project was not offered to the Canadian Solar Infrastructure Fund, yet we continue to be fully commited to the growth of the fund. Specifically, CSIF has actually committed to double its properties under management from around JPY50 billion (since June 30, 2020) to JPY100 billion by 2022, by getting projects from the enroller or third parties. For example, during the third quarter this year, we finished the sales to CSIF of the Hokkaido Ishikari and also Miyagi Kejonuma projects of 2.4 MWp and 1.0 MWp, specifically."

After the Gunma Aramaki sale, the Company still has 63 GWp of projects in operation as well as a solid pipe of 290 MWp in Japan.