GUELPH,\u00a0Ontario,\u00a0Dec. 16, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced today it completed the sale of Gunma Aramaki, a 19 MWp operational solar power plant in the Gunma Prefecture in\u00a0Japan\u00a0for\u00a0JPY6.8 billion\u00a0(approximately\u00a0US$64 million).<\/p>\n
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Canadian Solar\u00a0sold its equity stake in the project to several passive investors in\u00a0Japan\u00a0and remains the asset manager and provider of operations and maintenance (“O&M”) services under a long-term agreement. Gunma Aramaki reached commercial operation in\u00a0December 2018\u00a0and is powered by\u00a0Canadian Solar\u00a0high efficiency\u00a0modules. The electricity generated is being purchased by Tokyo Electric Power Company at the rate of\u00a0JPY36\u00a0(US$0.35) per kWh for 20 years.<\/p>\n
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“We have significantly enhanced the value of the Gunma Aramaki power plant over the past two years by acquiring the land for this project, and have meanwhile benefitted from the asset’s strong cash generation,” said\u00a0Dr.\u00a0Shawn Qu,\u00a0Chairman and CEO of\u00a0Canadian Solar. “Gunma Aramaki’s new owners have invested in our previous projects, and we are pleased to continue working with them. As we remain the asset manager and O&M service provider for this project, we will continue to capture a share of the project’s value creation through stable and long-term revenue streams, in addition to the profits from the sale.”<\/p>\n
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Dr. Qu\u00a0added, “For timing reasons, this project was not sold to the\u00a0Canadian Solar Infrastructure Fund, but we remain committed to the growth of the fund. Specifically, CSIF has committed to double its assets under management from approximately\u00a0JPY50 billion\u00a0(as of\u00a0June 30, 2020) to\u00a0JPY100 billion\u00a0by 2022, by acquiring projects from the sponsor or third parties. For example, during the third quarter this year, we completed the sales to CSIF of the Hokkaido Ishikari and Miyagi Kejonuma projects of 2.4 MWp and 1.0 MWp, respectively.”<\/p>\n
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After the Gunma Aramaki sale, the Company still has 63 MWp of projects in operation and a strong pipeline of 290 MWp in\u00a0Japan.<\/p>\n","protected":false},"excerpt":{"rendered":"
GUELPH,\u00a0Ontario,\u00a0Dec. 16, 2020\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(the “Company”, or “ […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-635","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=635"}],"version-history":[{"count":5,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/635\/revisions"}],"predecessor-version":[{"id":640,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/635\/revisions\/640"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}