Module manufacturer, Canadian Solar’s subsidiary Canadian Solar Solutions has sold four utility scale projects to be built in Ontario, Canada to independent fund manager, DIF.
The sale negotiation was based on previous, similar, projects by Canadian Solar and is subject to the completion of financing for the construction of the solar plants, by Canadian Solar.
The four solar plants, ‘BeamLight’ in Georgina, ‘Gold Light’ in Pefferlaw, ‘Illumination’ in Scugog and ‘Glenarm’ in Kawartha Lakes, Ontario, total 40MW and will use more than 190,000 of Canadian Solar’s CS6X high-performance modules.
Construction is expected to start in 2013 and 2014, with commercial operation to be completed by 2014. More than 400 construction jobs will be created for the four plants that will power 7,000 homes once complete.
Shawn Qu, chairman and CEO of Canadian Solar, said DIF has a “robust and forward looking vision for solar”, and that the four solar power plants will advance the two companies' shared goal of “significantly contributing to the growth of solar powered energy and job creation in the Ontario market.”
DIF has already worked with Canadian Solar in Europe, and invested in 160MW of solar power in Europe. Paul Huebener, head of DIF in Canada said the investment “is consistent with DIF's strategy to invest in quality assets that will provide stable cash flows to its investors, with proven technology suppliers, such as Canadian Solar”.