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    Canadian Solar sells part of Italian fund with 124-MWp solar portfolio

    February 1, 2023 - SeeNews Renewables


      February 1 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) will unload 30% of the preferred units of CSFS Fund I, its first Italian alternative investment fund which holds a 124.2-MWp portfolio of under-construction solar projects across Italy.

      The units will be acquired by Gardant Investor SGR, the asset management arm of Italian credit manager Gardant Group, which has pledged to finance 30% of the overall construction costs. Canadian Solar said on Tuesday it will also seek to sell an additional 30% of preferred units to a different financial investor and keep 40% of non-preferred units itself.

      CSFS Fund I’s portfolio consists of seven photovoltaic (PV) projects being installed in the regions of Sicily, Sardinia and Lazio. Developed by Canadian Solar, the schemes are slated to become operational between March and December 2023. Canadian Solar will also oversee the plants’ operations and maintenance (O&M) after their commissioning.

      CSFS Fund I was set up as part of Canadian Solar's long-term asset ownership strategy in Italy, through which the company aims to transition from a project developer to a global independent power producer. The closed-ended, real-estate reserved alternative investment fund is managed by Finint Investments SGR.

      In Italy, Canadian Solar already has a solar project pipeline exceeding 1.8 GWp, as well as 2 GWh of energy storage projects.


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