Canadian Solar partners with Macquarie for Japanese PV push
Canadian Solar has raised JPY22 billion (US$208 million) for its Japan Green Infrastructure Fund (JGIF), which will develop and accumulate solar projects in the Asian country.
The company will hold a 67% stake in the fund, while infrastructure investor Macquarie Group will have a 33% interest and act as financial advisor.
JGIF is expected to grant first offer rights to the Canadian Solar Infrastructure Fund, a Japanese-listed infrastructure fund holding solar assets managed by Canadian Solar’s asset management subsidiary.
Shawn Qu, CEO of Canadian Solar, said: “JGIF’s more dedicated capital pool will further boost our competitiveness in developing clean, sustainable and high-quality solar energy projects in Japan.”
He added that Canadian Solar is in the process of planning similar localised capital partnerships in other parts of the world, including in Latin America and Europe, to help accelerate its global project development platform.
For Macquarie Group, the announcement comes days after the firm revealed it raised more than €1.6 billion in its Macquarie Green Investment Renewable Energy Fund 2 (MGREF2) financing round, surpassing its €1 billion target.
MGREF2 is a 25-year fund that will invest in solar and wind projects in markets such as Japan, Western Europe, the US, Canada, Mexico, Taiwan, Australia and New Zealand.
Source: pvtech
