Canadian Solar Concludes JPY4.6 Billion Asset Sale to CSIF in Japan

Canadian Solar Inc has announced that it has accomplished the sale of a 10.8 MWp operating solar power plant in Izu-shi, Shizuoka Prefecture to Canadian Solar Infrastructure Fund, Inc. ("CSIF", Tokyo Stock Exchange ticker 9284) for JPY4,569 million (US$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 JPY36.0 (US$0.33)/kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "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 stand at approximately 217 MWp with a weighted-average FIT of JPY36.0 (US$0.33)/kWh.