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INVESTMENTS IN AFFILIATES

12 Months Ended

Dec. 31, 2020

INVESTMENTS IN AFFILIATES

INVESTMENTS IN AFFILIATES

11. INVESTMENTS IN AFFILIATES

Investments in affiliates consist of the following:

​

​	​	​	​	​	​	​	​	​
​	​	At December 31,
​	​	2019			​	2020
​		Carrying		Ownership		Carrying		Ownership
​	​	Value	​	Percentage	​	Value	​	Percentage
​	​	$	​	(%)	​	$	​	(%)
Canadian Solar Infrastructure Fund, Inc.	​	19,162	​	14.66	​	19,980	​	14.66
Suzhou Financial Leasing Co., Ltd.	​	16,050	​	6	​	23,969	​	6
RE Roserock Holdings LLC (“Roserock”)	​	83,034	​	49	​	—	​	—
Others		34,582		15-49		34,342		15-49
Total		152,828	​	​		78,291	​	​

​

In 2017, Canadian Solar Infrastructure Fund, Inc. (“CSIF”) completed its initial public offering. As of December 31, 2019 and 2020, the Company owned 14.66% of total units of CSIF. One out of the three members of the board of directors of CSIF represents the Company. The quorum for a board resolution of CSIF is a majority of the members of the board of directors, and the adoption of a resolution requires a majority of the votes presents. As such, the Company is considered having significant influence over the investee and the equity method is used in this investment.

CSI Solar Co established an entity, Suzhou Financial Leasing Co., Ltd., in 2015, in which the Company holds 6% voting interests. One of five board members is designated by CSI Solar Power Group, and as such CSI Solar Power Group is considered having significant influence over the investee and the equity method is used in this investment.

In December 2018, the Company wrote down the class B membership interests in Roserock project to its anticipated resell value by $4,995. In July 2020, the Company completed the sale of its class B membership interests in Roserock project to an unrelated third party, and recognized $18,486 of loss from this transaction as investment loss in the consolidated statements of operations.

In September 2018, the Company made full impairment charge of $700 on investment in eNow, Inc., in which the Company holds 10% voting interests, due to deterioration of the investee’s financial position.

In December 2020, the Company fully disposed of its ownership of Suzhou iSilver Materials Co., Ltd to an unrelated third party, and recognized $13,140 of gain from this transaction as investment gain in the consolidated statements of operations.

Equity in earnings of unconsolidated investees were $5,908, $28,948 and $10,779 for the years ended December 31, 2018, 2019 and 2020, respectively.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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- References

No definition available.

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