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CANADIAN SOLAR PARTNERS WITH GARDANT SGR ON ITS FIRST ITALIAN ALTERNATIVE INVESTMENT FUND
GUELPH, ON, Jan. 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced it has signed an agreement to
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, Jan. 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\" or \"Canadian Solar\") (NASDAQ: CSIQ) today announced it has signed an agreement to sell 30% of the preferred units of the Company's first Italian alternative investment fund (\"CSFS Fund I\") to Gardant Investor SGR (\"Gardant\"). As the investor of CSFS Fund I, Gardant is the asset management arm of the Gardant Group, specialized in alternative and complex investments with over EUR560 million assets under management.\nCSFS Fund I is a closed-ended, real-estate reserved alternative investment fund managed by Finint Investments SGR, an asset management company with the goal of supporting the real economy, housing needs of the population and the green economy, through minibond, social and student housing and renewable energy funds. CSFS Fund I's perimeter includes a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located across Italy's Sicily, Sardinia and Lazio regions. These projects are currently under construction and expected to reach commercial operation between March and December of 2023. Canadian Solar developed these projects and will provide the operations and maintenance services once they are completed.\nUnder this agreement, Gardant Investor SGR is also committed to cover 30% of the projects' construction capital expenditures. Canadian Solar targets to sell an additional 30% preferred units to a different financial investor while retaining 40% non-preferred units in the long run.\nDr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, \"We are pleased to have signed this important agreement with Gardant. This transaction demonstrates the recognition of our capability to develop, build and operate projects to the highest standards by a top-tier financial investor. CSFS Fund I was established to execute Canadian Solar's long-term asset ownership strategy in Italy, a growing market where Canadian Solar now has a total solar project pipeline exceeding 1.8 GWp and a storage pipeline exceeding 2 GWh. This strategy is part of our plan to transition from a pure project development model to a global independent power producer or IPP.\"\nGuido Lombardo, CEO of Gardant Investor SGR, said, \"We are proud to have entered into this agreement with Canadian Solar. This is a significant investment in a strategic sector for...