Boston, MA 09/09/2014 (wallstreetpr) – Manufacturer of solar wafer, cells and module, Canadian Solar Inc. (NASDAQ:CSIQ) disclosed that its fully owned subsidiary has struck a deal with Sichuan Development Investment Management Ltd. to establish an investment fund meant to cater the China market’s solar power generation projects.
Investments In China
Canadian Solar Inc. (NASDAQ:CSIQ) said that the purpose of launching the fund was to finance the development and construction apart from ownership of Chinese solar companies, a statement issued by the company said.
Canadian Solar indicated that it was planning to raise approximately $800 million or RMB5 billion from the company, Sichuan Development, and third party investors. Both Canadian Solar and Sichuan Development would contribute an equal amount initially, and the third party investors would contribute the rest of the amount to achieve the targeted figure.
Partnership
The Canadian company said that it has aligned with Sichuan Development, which manages $3.7 billion assets, to develop, construct and own solar power projects as they would be a key landmark in the history of the company.
The alliance would fully make use of Canadian Solar Inc. (NASDAQ:CSIQ)’s track record of establishing and constructing solar power projects on a worldwide basis. With the kind of financial strength that Sichuan Development possesses, the Canadian company is confident of creating a leadership position with its credibility in China. This would also help the company to participate in the anticipated growth of solar energy adoption pace in China.
Canadian Solar’s Chairman and Chief Executive Officer, Shawn Qu, said that the fund would mainly focus on utility-scale apart from distributed generation solar power plants in Sichuan Province of China and other resourceful regions in China.
Supplies 11 MW Solar Module
A few days before, the company disclosed that it has supplied 11 MW of solar modules to Conti Group during the second quarter, according to its statement. Canadian Solar Inc. (NASDAQ:CSIQ) claimed that its modules have time and again ranked among the top of the PTC ratings, which was established by the California Energy Commission.
