Canadian Solar has completed the sale of its 17.5 MWp Hiroshima Suzuhari operational solar project to a private Japanese fund. Originally owned by the Japan Green Infrastructure Fund (JGIF), the project was financed through a Green Project Bond and certified with the highest Green 1 rating under Japanese guidelines.
This transaction aligns with JGIF’s business plan, and Canadian Solar anticipates recognizing the revenue in Q3 2023. Recurrent Energy’s local subsidiary will continue to provide long-term operations and maintenance services for the plant, which commenced commercial operations in Q2 2022.
The project, awarded through Japan’s inaugural solar auction program, features over 42,500 Canadian Solar HiKu modules and sells its clean energy to Chugoku Electric Power Transmission & Distribution under Japan’s FIT program.
Ismael Guerrero, President and CEO of Recurrent Energy , said, “We are excited to announce the completion of the sale of our Hiroshima Suzuhari project through JGIF. Since we applied for Japan’s first FIT auction back in 2017, our team demonstrated resilience and professionalism overcoming various challenges at different stages of the development cycle. The dedication by everyone in the team allowed us to develop the project from a piece of abandoned land to what it is today. This is another example of Recurrent Energy’s strong execution capabilities in the global project development business. We will strive to build more PV and storage projects all over Japan, in order to deliver clean and sustainable energy to the country.”