Grid operators' curtailment orders cut deeper into Canadian Solar Infrastructure Fund's income in June, trimming ¥35.7mn from variable rent for the month alone. The cumulative toll for the six months to June has reached ¥814.5mn, equal to 17.85% of the fund's expected rental income for the period.
Portfolio-wide generation for June came to 20,744,343 kWh, only 86.50% of the fund's P50 forecast, a shortfall it attributed largely to weak sunshine across the country.
The fund's lease structure guarantees tenants pay a base rent equal to 70% of expected rent regardless of output, with a variable component layered on above that threshold. Four plants still fell short of even that floor in June. The Kama plant and the Miyako-cho Saigawa plant, both in Kyushu, lost the most output to grid curtailment, finishing the month at 59.10% and 63.52% of forecast respectively. The Kasama plant in Ibaraki produced just 43.07% of forecast after part of its power conditioning system failed. The Kannami plant in Shizuoka fell furthest, to 33.74% of forecast, after thieves stole cable from the site on May 25.
| Plant | Panel output (MW) | June output vs. forecast | Reason |
|---|---|---|---|
| Kama plant | 2.24 | 59.10% | Heavy grid curtailment |
| Miyako-cho Saigawa plant | 13.01 | 63.52% | Heavy grid curtailment |
| Kasama plant | 2.13 | 43.07% | Partial power conditioning system failure |
| Kannami plant | 1.34 | 33.74% | Cable theft on May 25 |
Across the portfolio, curtailment orders were issued on 959 plant-days between January and June, concentrated in Kyushu and Tohoku, where several of the fund's plants operate under rules that allow unlimited curtailment with no compensation.