Canadian Solar, a solar power firm, has signed an agreement with Sichuan Development Investment Management to set up an investment fund, which can finance the development, construction and ownership of solar power projects in China.

Sichuan Development, Canadian Solar and other third party investors expect to raise around $800m.

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The initial amount contributed by Sichuan Development and Canadian Solar will be equal, while the third party investors will contribute the remaining amount to reach the target.

An investment management firm, Sichuan Development is funded by the Sichuan Development Holding, which is an investment unit of the Sichuan provincial government in China.

With more than $3.7bn worth of assets under management, Sichuan Development expects to offer support to facilitate the financing of the fund.

"This partnership will leverage Canadian Solar’s proven track record in developing and building solar power plants on a global basis."

Canadian Solar CEO and chairman Dr Shawn Qu said: "Our partnership with Sichuan Development to develop, build and own solar power plants is an important milestone for Canadian Solar.

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"This partnership will leverage Canadian Solar’s proven track record in developing and building solar power plants on a global basis with Sichuan Development financial strength and credibility to create an industry leader well positioned to participate in the expected growth in the adoption of solar energy in China."

The focus of this fund will particularly be on utility-scale and distributed generation solar projects in Sichuan Province, China and other regions which have abundant sunshine.

Canadian Solar has deployed more than 7GW of modules in more than 70 countries during the last ten years.

Energy