Canadian Solar partners with Gardant SGR on CSFS Fund I

Canadian Solar has entered into an agreement to sell a 30% stake in its first Italian alternative investment fund, CSFS Fund I, to Gardant Investor SGR. As the investor of CSFS Fund I, Gardant is the asset management arm of the Gardant Group, specializing in alternative and complex investments with over EUR560 million assets under management.

CSFS Fund I is a closed-ended, real-estate reserved alternative investment fund managed by Finint Investments SGR. The Fund's investments include a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located across Italy's Sicily, Sardinia, and Lazio regions. These projects are currently under construction and expected to reach commercial operation between March and December of 2023. Canadian Solar developed these projects and will provide the operations and maintenance services once they are completed.

Under this agreement, Gardant Investor SGR is also committed to covering 30% of the projects' construction capital expenditures. Canadian Solar targets to sell an additional 30% of preferred units to a different financial investor while retaining 40% of non-preferred units in the long run.