News
2023-02-15
GUELPH, ON, Jan. 31, 2023 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) today announced it has signed an agreement to sell 30% of the preferred units of the Company’s first Italian alternative investment fund (“CSFS Fund I”) to Gardant Investor SGR (“Gardant”). As the investor of CSFS Fund I, Gardant is the asset management arm of the Gardant Group, specialized in alternative and complex investments with over EUR560 million assets under management.
CSFS Fund I is a closed-ended, real-estate reserved alternative investment fund managed by Finint Investments SGR, an asset management company with the goal of supporting the real economy, housing needs of the population and the green economy, through minibond, social and student housing and renewable energy funds. CSFS Fund I’s perimeter includes a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located across Italy’s Sicily, Sardinia and Lazio regions. These projects are currently under construction and expected to reach commercial operation between March and December of 2023. Canadian Solar developed these projects and will provide the operations and maintenance services once they are completed.
Under this agreement, Gardant Investor SGR is also committed to cover 30% of the projects’ construction capital expenditures. Canadian Solar targets to sell an additional 30% preferred units to a different financial investor while retaining 40% non-preferred units in the long run.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “We are pleased to have signed this important agreement with Gardant. This transaction demonstrates the recognition of our capability to develop, build and operate projects to the highest standards by a top-tier financial investor. CSFS Fund I was established to execute Canadian Solar’s long-term asset ownership strategy in Italy, a growing market where Canadian Solar now has a total solar project pipeline exceeding 1.8 GWp and a storage pipeline exceeding 2 GWh. This strategy is part of our plan to transition from a pure project development model to a global independent power producer or IPP.”
Guido Lombardo, CEO of Gardant Investor SGR, said, “We are proud to have entered into this agreement with Canadian Solar. This is a significant investment in a strategic sector for the country, as energy is transitioning towards sustainable sources and this investment is in line with our group’s ESG objectives. Like all our hallmark transactions, we have brought our skills and professionalism in this project to offer a financial product that is innovative and in line with market expectations”.
Mauro Sbroggiò, CEO of Finint Investment SGR, added, “We are proud to have conceived the CSFS – Fund I with Canadian Solar and to have supported Canadian Solar and Gardant Investor SGR in structuring the investment, benefiting from the experience of the management team of Finint Invesments SGR, which has been operating in the sector for 15 years with over 250 MWp of PV plants under management and 6 investment funds specialized in the renewable energy sector. This transaction, leveraging Canadian Solar’s expertise as a global leading renewable company, provides Gardant Investor SGR who is interested in investing in the renewable energy sector with an excellent risk return profile.”
Gardant S.p.A. is an Italian company, headquartered in Rome, the parent company of the Gardant Group, Italy’s leading operator in alternative asset management and servicing of impaired loan portfolios. With over EUR 560 million of funds raised, more than EUR 40 billion of loans under administration and about EUR 20 billion of loans managed as special servicer, the Gardant Group presents the widest range of products and services for investors and banks in the illiquid and impaired loans sector. Special Gardant (licensed ex Art. 115 TULPS, Italian Consolidated Law on Public Security) is the company specialised in judicial and extrajudicial recovery activities; Master Gardant is the company (financial intermediary ex Art. 106 TUB, Italian Consolidated Law on Banking and Lending) specialised in UTP credit management support activities and in servicer activities of securitisation vehicles; Gardant Investor SGR is the Group’s management company specialised in alternative investments in the credit sector.
Finint Investments SGR is an Asset Management Company belonging to the Banca Finint Group active in the management of securities and real estate funds in line with the needs of its investors, both domestic and international. Finint Investments SGR is one of Italy’s first alternative asset management companies and has been managing since 2004 funds ranging from Real Estate to Renewable Energy, as well as funds focused on Private Debt and Private Equity, NPLs and UTPs. Equipped with an investment team of 50 people, it boasts more than 50 percent of assets under management in accordance with the ESG principles enshrined in the UN PRIs. The numerous awards received in recent years confirm the growth path of the SGR, which operates both with direct clients and through agreements with banking institutions and advisory networks.