Canadian Solar has announced that it has reached an agreement to sell five utility-scale solar power plants in Ontario valued at more than C$290 million (US$277 million) to Concord Green Energy.
The plants have a total capacity of 49MW and are located in the Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge areas of Ontario, Canada.
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Canadian Solar Solutions, a subsidiary of Canadian Solar, will run turnkey engineering, procurement and construction (EPC) operations on the plants. Construction is expected to begin later this year with the plants set to start operating commercially during 2014. Around 236,000 Canadian Solar CS6X modules will be used in the construction.
Canadian Solar announced that the company had a project pipeline in Canada of 780MW at the end of the first quarter of 2013. The company also informed investors in its Q1 2013 financial results that buyers for 400MW worth of utility solar power generation projects had been found. The deal with Concord Green Energy is expected to take place in addition to a 130MW PV plant being built by Canadian Solar for Samsung Renewable Energy in Ontario, which is Canadian Solar’s biggest EPC contract to date, worth US$301.1 million.
Concord Green Energy is the ‘green energy affiliate’ of Canadian residential property developer and real estate investor Concord Pacific.
Shawn Qu, chairman of Canadian Solar, stated that the latest sale agreement was further evidence of the company making a “successful transition from a premier PV module manufacturer to a PV total solution provider”.
