Side-stepping the trend towards yield co financial structures, major PVEP Canadian Solar has secured a PV project financing partnership with China’s Sichuan Development Investment Management firm, part of the local Sichuan government.
Canadian Solar as well as third party investors will form an investment fund with Sichuan Development to raise around US$800 million to support the PVEP’s solar power plant pipeline within Sichuan Province, China and other regions in the country.
Dr. Shawn Qu, chairman and CEO of Canadian Solar said: “Our partnership with Sichuan Development to develop, build and own solar power plants is an important milestone for Canadian Solar. While we expect to cover the whole country, this fund will focus particularly on utility-scale and distributed generation solar projects in Sichuan Province, China and other solar resourceful regions in the country.”
Canadian Solar said in August, 2014 that it had accrued a global PV project pipeline totalling 4.5GW, which included 290MW in China. The deal with Sichuan Development, suggest the company is planning a major pipeline expansion in China.