Canadian Solar, Sichuan Development to invest in China

Canadian Solar, Inc. (Guelph, Ontario) and Sichuan Development Investment Management Ltd., a Chinese investment management company with more than $3.7 billion in assets under management, have entered into an agreement to establish a fund for financing solar power projects in China. Canadian Solar and Sichuan Development plan to raise about $800 million U.S. for the fund, with the two entities initially providing equal sums and later soliciting contributions from third-party investors. “This partnership will leverage Canadian Solar’s proven track record in developing and building solar power plants on a global basis with Sichuan Development’s 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,” said Shawn Qu, Canadian Solar’s chairman and CEO. Separately, Canadian Solar announced that it has sold its 10 MW Mighty Solar power plant in Chesterville, Ontario, to One West Holdings for $54.9 million U.S.