China-based firm Canadian Solar will acquire a 51% shareholding in each of Photon Energy's five project companies in Australia. Credit: Canadian Solar
Silicon Module Super League (SMSL) member Canadian Solar has partnered with Amsterdam-headquartered Photon Energy NV to co-develop five utility-scale solar power projects, with a total capacity of 1.14GW in New South Wales, Australia.
Under the agreement, China-based firm Canadian Solar will acquire a 51% shareholding in each of Photon Energy's five project companies in Australia, which are working across the projects.
They include a 316MW project in Gunning, which is fully owned by Photon Energy, as well as four projects co-developed by Photon Energy and Polpo Investment: 178MW in Mumbil, 165MW in Gunnedah, 286MW in Suntop and 196MW in Maryvale.
Georg Hotar, CEO of Photon Energy NV, said: "This transaction represents an exciting moment for the Photon Energy Group with our long-term commitment to the Australian market bearing fruit. This cooperation marks a tangible achievement of the entire team in Australia who have gained the trust of a leading global player in the solar industry such as Canadian Solar.”
Dr. Shawn Qu, chairman and chief executive of Canadian Solar, said: "Canadian Solar is delighted to partner with Photon Energy and bring 1.14GW into the Australian market. As a very active developer for solar power plants in Australia, we will continue to strengthen our leading position in the market by partnering with Photon Energy."
Earlier this month, Foresight completed the acquisition of Canadian Solar’s 117MW Australian solar project pipeline in Queensland.