Canadian Solar sells part of Italian fund with 124-MWp solar portfolio

• Canadian Solar Inc (NASDAQ: CSIQ) will discharge 30% of the favored units of CSFS Fund I, its first Italian different mutual fund which holds a 124.2-MWp portfolio of under-construction solar projects across Italy.

The units will be acquired by Gardant Investor SGR, the asset monitoring arm of Italian credit supervisor Gardant Group, which has actually promised to fund 30% of the overall building prices. Canadian Solar stated on Tuesday it will certainly also look for to sell an added 30% of recommended units to a different financial investor and maintain 40% of non-preferred units itself.

CSFS Fund I's portfolio includes seven photovoltaic (PV) projects being installed in the regions of Sicily, Sardinia and Lazio. Established by Canadian Solar, the systems are slated to become operational between March as well as December 2023. Canadian Solar will certainly also oversee the plants' procedures and upkeep (O&M) after their commissioning.

CSFS Fund I was set up as part of Canadian Solar's lasting asset possession strategy in Italy, whereby the business aims to shift from a project designer to an international independent power manufacturer. The closed-ended, real-estate booked alternate investment fund is managed by Finint Investments SGR.

In Italy, Canadian Solar already has a solar project pipe exceeding 1.8 GWp, along with 2 GWh of energy storage projects.