Solar photovoltaic (PV) modules manufacturer Canadian Solar has completed the divestiture of its Izu-shi solar power plant in Japan to Canadian Solar Infrastructure Fund (CSIF) for JPY4.6bn ($42.1m).

Located in the Shizuoka Prefecture, the Izu-shi solar power plant is equipped with 30,202 KuMax modules, which were delivered by Canadian Solar.

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Available in both poly and monocrystalline, the Ku Modules portfolio comprises the KuMax (144 cells), KuPower (120 cells), KuBlack (120 cells) and the corresponding double-glass KuDymond types.

Canadian Solar chairman and CEO Dr Shawn Qu said: “We are pleased to complete another asset sale to CSIF.

“We are confident this transaction will enhance CSIF’s existing high-quality portfolio and provide accretive growth in their cash flow and energy production.

“The size of the listed infrastructure sector in Japan has more than doubled over the last two years, and along with that growth, CSIF has seen an increase in asset valuations.”

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Canadian Solar’s 10.8MW facility began commercial operations in December 2018. The clean energy generated by the solar facility is sold to Tokyo Electric Power under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.33)/kWh.

Canadian Solar has approximately 217MW project portfolio in various stages of construction in Japan at present.

The company has also made another divestment in recent months. In November 2019 it divested its 49% stake in three solar projects in Mexico to Korea Electric Power Corporation (KEPCO) and Sprott Korea. Together, the projects have a combined capacity of 370MW.

Located in the Mexican states of Aguascalientes and Sonora, the three projects are Horus (119MW), Tastiota (125MW) and El Mayo (126MW).