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

GUELPH, Canada, Dec. 3, 2019 /PVTIME/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has completed 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 SolarKuMax 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

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.

SOURCE: Canadian Solar Inc.