The corporate and financial services practice group of Harry Elias Partnership jointly advised Canadian Solar Inc. subsidiaries (“Canadian Solar”) and the advisory and capital markets arm of the Macquarie Group, Macquarie Advisory & Capital Solutions (“Macquarie”), on another acquisition of a solar infrastructure seed asset located in Saigawa, Fukuoka, Japan by Japan Green Infrastructure Fund (“Fund”) for an investment amount of approximately S$24.7 million (“Acquisition”) where Canadian Solar and Macquarie serve jointly as partners. The Fund has a secured committed capital of approximately US$210 million and has also obtained MAS approval to enjoy a tax exemption under Section 13X of the Income Tax Act. 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 and this represents their second acquisition exercise. The Harry Elias Partnership team led the Acquisition by the Fund and the financing of the Acquisition via drawdown of capital contributions from the limited partners of the Fund and a loan facility.
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. The Harry Elias Partnership team had previously advised on the establishment, fund offering, debt financing, acquisitions and compliance matters of the Fund. Senior Associate Valerie Boh advised on the Acquisition.