Canadian Solar and SkyPower Energy have entered a purchase agreement under which Canadian Solar will purchase a majority in 16 of SkyPower’s Ontario PV projects. Fifteen of these projects are included in Ontario’s FiT program while one is part of the Ontario renewable energy standard offer program.
The energy generated will total between 190 and 200MW and all of the projects have been awarded a 20-year PPA with Ontario Power Authority. All projects are expected to commence construction in 2012 and begin commercial production in 2014. Canadian Solar’s investment is estimated at CAN$185 million.
Further, Canadian Solar and SkyPower have agreed to enter a joint venture, which will focus on developing new solar power projects in emerging markets
Kerry Adler, president and CEO of SkyPower, said: “We have a successful history working together with Canadian Solar on developing and building solar projects in Canada. We are pleased to have such a strong partner in terms of industry expertise, brand and bankability. We will continue to invest in and build our extensive solar pipeline across Ontario and we look forward to expanding internationally in select markets under this new joint venture.”