LOS ANGELES-CIM Group, a Los Angeles-based realestate and infrastructure investment firm, recently revealed thatits portfolio company, SkyPower Limited, an ownerand developer of solar energy projects, has concluded a sale ofcontrolling interests in 16 utility-scale solar projects. Inaddition, it executed an international joint venture agreement withCanadian Solar Inc.
The deal was for $185 million and included the acquisition of afive-year warrant for 9.9% of CSI’s outstanding shares. In additionto the Canadian projects sold, the new joint venture will developsolar projects in select international markets.
CIM began its investment in SkyPower Limited in late 2009 bymaking a loan to SkyPower Corp. CIM subsequently purchasedSkyPower’s solar assets, which included a pipeline of 52 solarprojects and the SkyPower naming rights, according to a preparedstatement. At the time, CIM had identified Ontario’s new renewablesolar program as one of the top opportunities for itsInfrastructure Fund, and believed there was significant value inSkyPower’s solar business, according to a prepared statement.
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