PV power company Canadian Solar announced that it has completed the purchase of three operating PV projects totaling 59.8MW from investment firm KKR.
The total cost of the purchase is estimated at C$270 Million (US$203.7 million). As part of the transaction, Canadian Solar also finalised a US$50 million loan with Credit Suisse, who served as the sole financial advisor on the deal.
The installations are located in Sault Ste. Marie, Ontario, and hold long-term fixed-price contracts set down in accordance with the Renewable Energy Standard Offer Program. Canadian Solar is set to become both the owner and operator of the projects, which were connected to the grid from October 2010 to November 2011
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects. This acquisition demonstrates Canadian Solar's ongoing investment and dedication to solar, as well as staying true to our strategy. We look forward to future transactions with KKR in North America.”