CIM Group, a Los Angeles-based real estate and infrastructure investment firm, says its portfolio company, SkyPower Ltd., has concluded a sale of controlling interests in 16 utility-scale solar projects and executed an international joint-venture agreement with Canadian Solar Inc. (CSI) for $185 million and acquired a five-year warrant for 9.9% of CSI's outstanding shares.
In addition to the Canadian projects sold, the new joint venture will develop solar projects in select international markets.
CIM began its investment in SkyPower in late 2009 by making a loan to SkyPower Corp. CIM subsequently purchased SkyPower's solar assets, which included a pipeline of 52 solar projects and the SkyPower naming rights.
