Canadian Photo voltaic Inc. has accomplished the sale of its 17.5 MW Hiroshima Suzuhari venture, positioned in Hiroshima prefecture, to a non-public Japanese fund. The venture had been owned by the Japan Inexperienced Infrastructure Fund since 2021 and was financed by way of the issuance of a Inexperienced Venture Bond with an investment-grade ranking. Importantly, it was licensed with the best Inexperienced 1 ranking beneath the Japanese Inexperienced Bond pointers.
With this transaction, all initiatives acquired by JGIF may have been efficiently offered in accordance with its marketing strategy.
Canadian Photo voltaic expects to acknowledge the income from the transaction within the third quarter of 2023. Recurrent Power‘s native subsidiary will proceed to supply long-term operations and upkeep providers for the plant after the transaction.
The Hiroshima Suzuhari photo voltaic venture started business operation within the second quarter of 2022. The venture is Recurrent Power’s first to be awarded feed-in-tariff (FIT) by way of the inaugural photo voltaic public sale program launched in Japan within the fourth quarter of 2017. Greater than 42,500 Canadian Photo voltaic high-efficiency HiKu modules energy the venture and the clear vitality generated is being bought by the Chugoku Electrical Energy Transmission & Distribution Co. Inc. at U.S. $0.12 per kWh beneath Japan’s FIT program for the remaining tenor of 17.5 years.
“The dedication by everybody within the staff allowed us to develop the venture from a chunk of deserted land to what it’s immediately,” says Ismael Guerrero, president and CEO of Recurrent Power, about Hiroshima Suzuhari. “That is one other instance of Recurrent Power’s sturdy execution capabilities within the international venture growth enterprise.
“We’ll try to construct extra PV and storage initiatives throughout Japan, in an effort to ship clear and sustainable vitality to the nation.”
