Press Releases


Transaction Further Positions Both Companies for International Growth, Reflecting Strength of Platform in Meeting Growing Demand for Clean Energy

LOS ANGELES—July 2, 2012—CIM Group, a Los Angeles-based real estate and infrastructure investment firm, announced today that its portfolio company, SkyPower Limited, Canada's largest owner and developer of solar energy projects, has concluded a sale of controlling interests in 16 utility-scale solar projects and executed an international joint venture agreement with Canadian Solar, Inc. (“Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar companies, for US$185 million and acquired a five-year warrant for 9.9 percent 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 Corporation.  CIM subsequently purchased SkyPower’s solar assets, which included a pipeline of 52 solar projects and the SkyPower naming rights.  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. After the 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. 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. This transaction and the international joint venture with Canadian Solar strengthens SkyPower’s platform and its ability to identify and develop projects globally.

About CIM Group

CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile.  Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland.  For more information, please visit

About SkyPower Limited

SkyPower Limited is Canada's largest owner and developer of solar energy projects. As the company behind First Light I, Canada's first utility-scale, fully operating solar park, SkyPower also has one of the most impressive pipelines of solar projects in North America. With 250 MW of awarded power purchase contracts, including 67 MW of installed operating capacity and more than 1500 MW at advanced stages of development across North America, SkyPower prospects, develops, finances, owns and operates solar energy projects from the initial discovery stages through to commercial operation. SkyPower is working with many jurisdictions around the world to meet their increasing need for cleaner, non-emitting renewable energy solutions.  SkyPower is majority owned by Los Angeles-based real estate and infrastructure investment firm CIM Group. For more information about SkyPower, please visit  

About Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit

Back to previous page