Canadian Solar Portfolio

More data

Country: Canada
Fund: DIF III

Investment date:

Exit date:

Jan - 2015

Sep - 2018

Status: Operational

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  • Pursuant to a forward sale agreement, DIF acquired 100% of three 10MW solar PV projects (Glenarm LP, Goldlight LP and Illumination LP) in Ontario, Canada upon their completion of construction in 2014-15;
  • The projects were developed and constructed by Canadian Solar;
  • The projects benefited from 20 year fixed price Feed-in Tariffs (power purchase agreements), guaranteed by the Ontario Power Authority;
  • While non-recourse debt financing was provided by a club of European banks upon acquistion, DIF subsequently refinanced all three projects to take advantage of lower interest rates;
  • In September 2018, having bundled the projects into one portfolio, DIF opted to take advantage of the considerable market interest in attractive green energy investments by selling its Canadian solar assets;
  • Through this combination of refinancing and opportunistic exit, DIF achieved a highly attractive return for its investors, both from an absolute and relative perspective
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