Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that a wholly owned subsidiary of the Company has entered into an agreement with Sichuan Development Investment Management Ltd. to establish a solar investment fund to finance the development, construction and ownership of solar power generation projects in China.
Sichuan Development is an investment management company established and funded by the Sichuan Development Holding Co. Ltd., an investment arm of the Sichuan provincial government. Sichuan Development has over RMB 23 billion (USD3.7 billion) of assets under management and is expected to provide support to facilitate the project development and financing to the fund.
A total of RMB5 billion (USD800 million) is expected to be raised from Sichuan Development, Canadian Solar and third party investors. Sichuan Development and Canadian Solar plan to contribute an initial amount equally, with third party investors expected to contribute the remaining amount to reach the target.
“Our partnership with Sichuan Development to develop, build and own solar power plants is an important milestone for Canadian Solar. This partnership will leverage Canadian Solar’s proven track record in developing and building solar power plants on a global basis with Sichuan Development financial strength and credibility to create an industry leader well positioned to participate in the expected growth in the adoption of solar energy in China. While we expect to cover the whole country, this fund will focus particularly on utility-scale and distributed generation solar projects in Sichuan Province, China and other solar resourceful regions in the country,” said Dr.Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world.
About Sichuan Development Investment Management Ltd.
Headquartered in Chengdu, Sichuan province, China, Sichuan Development Investment Management Ltd. is an investment management established and funded by Sichuan Development (Holding) Ltd. (“Sichuan Development Holding”) in 2012. Sichuan Development Holding is an investment arm of Sichuan provincial government. Sichuan Development invests and manages overRMB23 billion of assets in various infrastructure projects.