LOS ANGELES-CIM Group, a Los Angeles-based real estate and infrastructure investment firm, recently revealed that its portfolio company, SkyPower Limited, an owner and developer of solar energy projects, has concluded a sale of controlling interests in 16 utility-scale solar projects. In addition, it executed an international joint venture agreement with Canadian Solar Inc.
The deal was for $185 million and included the acquisition of a five-year warrant for 9.9% of CSI’s outstanding shares. In addition to the Canadian projects sold, the new joint venture will develop solar projects in select international markets.
CIM began its investment in SkyPower Limited in late 2009 by making a loan to SkyPower Corp. CIM subsequently purchased SkyPower’s solar assets, which included a pipeline of 52 solar projects and the SkyPower naming rights, according to a prepared statement. At the time, CIM had identified Ontario’s new renewable solar program as one of the top opportunities for its Infrastructure Fund, and believed there was significant value in SkyPower’s solar business, according to a prepared statement.
After that purchase, CIM created SkyPower Limited, which has since brought seven solar projects online, which will provide, together with the 16 projects currently under development, more than 40,000 homes with clean renewable electricity. According to another prepared statement, it is expected that the manufacturing and construction of these projects will create hundreds of new jobs in Ontario and continue to position Ontario as a North American leader in green energy.
SkyPower has also increased its pipeline to 118 projects by utilizing proprietary software technology that was developed in-house that enables it to more quickly and efficiently identify solar projects to pursue.
The transaction and the international joint venture with Canadian Solar strengthens SkyPower’s platform and its ability to identify and develop projects globally.
Shawn Qu, chairman and CEO of Canadian Solar, says that his firm is please to expand its partnership with SkyPower after “successfully building three projects for them in Ontario over the past 12 months.” Qu says the transaction “solidifies our Ontario pipeline well into 2014 and supports our stated goal of achieving 40% of revenue from providing solar power plants and total system solutions in 2013.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
