DIF Infrastructure III has signed sale and purchase agreements to acquire four 10 MW ground mounted PV solar projects from Canadian Solar Solutions Inc., a subsidiary of Canadian Solar Inc. The four utility-scale power plants, located in Georgina, Pefferlaw, Scugog and Kawartha Lakes, in the province of Ontario, Canada, are expected to start construction in 2013 and 2014, with commercial operation for all projects expected in 2014. All projects will sell power pursuant to a 20 year feed in tariff with the Ontario Power Authority.
Paul Huebener, Head of DIF Canada stated :
"Following investments in over 160MW of solar PV projects in Europe by DIF managed funds, DIF is pleased to announce its first renewable energy investment in North America. This investment is consistent with DIF's strategy to invest in quality assets that will provide stable cash flows to its investors, with proven technology suppliers, such as Canadian Solar. Having worked with Canadian Solar in Europe, this transaction highlights the benefits of working with international groups across different countries and continents."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said:
"DIF has a robust and forward looking vision for solar, with numerous successes worldwide. These latest four solar-power plants will further fulfill our shared goal of significantly contributing to the growth of solar powered energy and job creation in the Ontario market."
DIF Infrastructure III was launched in January 2012. The fund held a first close in May 2012 and realised a final closing March 2013. The committed capital is € 800 million, which substantially exceeded the target of € 600 million.
The fund invests in PPP/PFI/P3 projects, renewable energy projects and other core infrastructure assets with a similar characteristics and risk/return profile in Europe and North America that provide long-term stable cash-flows with minimal commercial risk.