Canadian Solar Inc. has entered into an agreement with Sichuan Development Investment Management Ltd. to establish an investment fund to finance the development, construction and ownership of solar power generation projects in China.
The partnership expects to raise approximately $800 million from Sichuan Development, Canadian Solar and third-party investors. Sichuan Development and Canadian Solar plan to contribute an initial amount equally, with third-party investors expected to contribute the remaining amount.
Shawn Qu, chairman and CEO of Canadian Solar, says that while the fund will seek out opportunities throughout China, its primary focus will be on utility-scale and distributed generation projects in Sichuan Province and other regions with high solar irradiance.
