Canadian Solar has continued a spate of project sales in a deal with Public Service Enterprise Group (PSEG) for 4.4MW DC of PV power plants.
The New Jersey-based utility's subsidiary, PSEG Solar Source has purchased the two sites from a yieldco CSI Holdco for an unspecified amount. In May, PSEG pledged to invest US$500 million in solar power.
“As a tier one company, Canadian Solar boasts a low-risk, high-quality pipeline, with the proven ability to execute to each end buyer's specifications, and the bankability needed to attract strong end buyers,” claimed Shawn Qu, chairman and CEO of Canadian Solar. “Our fast growing record of solar project successes worldwide, is allowing us to gain added momentum in key markets worldwide, including the US, Canada, and Japan, as well as in fast growing emerging markets such as China,” he added.
Construction began on the projects in July 2013 and they are expected to come online in early 2014.
Canadian Solar has sold a number of completed plants in recent months as it continues to diversify its revenue away from its module manufacturing business.