Advised Canadian Solar and Macquarie on the establishment of the US$208 million Japan Green Infrastructure Fund

Advised Canadian Solar and Macquarie on the establishment of the US$208 million Japan Green Infrastructure Fund
17 Feb 2021

The corporate and financial services practice group of Harry Elias Partnership jointly advised Canadian Solar Inc. subsidiaries (“Canadian Solar”) and Macquarie Advisory & Capital Solutions (“Macquarie”), the advisory and capital markets arm of the Macquarie Group, on the establishment, fund offering and compliance matters, of the Japan Green Infrastructure Fund (“Fund”) with a secured committed capital of US$208 million. Canadian Solar, one of the world’s largest solar power companies, and Macquarie serve jointly as general partners of the Fund, with an economic stake of 67 per cent and 33 percent, respectively. The Fund has also obtained MAS approval to enjoy a tax exemption under Section 13X of the Income Tax Act. This is Canadian Solar’s first entry into the private institutional capital pool. The Fund aims to develop, build and accumulate new solar projects in Japan and will further consider green bond placements and project finance loans as it expands its asset portfolio. This is believed to the first solar photo voltaic infrastructure fund in Singapore.

The Harry Elias Partnership team led the negotiations of capital commitments by general partners and limited partners to the offering of partnership interest in the Fund and the debt financing by debt investors. The Harry Elias Partnership team further advised and is continuing to advise the Fund on the acquisition of various solar infrastructure seed assets located in Japan, by the Fund. Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.

Partners, Claudia Teo, Derick Ting, Senior Associate Valerie Boh and Associate Gabriel Lim advised on the establishment of the Fund and all related fund offering transactions.

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