Canadian Solar fund acquires two Japanese solar projects, raises $8.2m loan

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Chinese vertically integrated solar company, Canadian Solar has this week finalized two notable deals in Japan.

The company’s subsidiary fund, Canadian Solar Asset Management K.K., which is the entrusted asset manager of Canadian Solar Infrastructure Fund in Japan, yesterday confirmed the purchase of two solar for a combined total of JPY 992 million ($9.1 million).

The PV plants are named Koriyama-shi and Tsuyama-shi, and are located in the prefectures of Fukushima and Okayama. Both solar energy plants will be operated by Canadian Solar’s O&M Japan division once ownership is confirmed on February 1.

Canadian Solar Infrastructure Fund also took out a JPY 900 million ($8.2 million) loan to finance the acquisition. The allotted funds have been loaned by Sumitomo Mitsui Banking Corporation, and will be drawn also on February 1.

This activity continues Canadian Solar’s aim of boosting its Japanese solar PV portfolio and presence. The Chinese firm is one of the largest non-domestic players in the Japanese market.