One of North America’s 500 fastest growing companies Canadian Solar has announced the purchase of two solar projects from SunEdison Power Canada.
A majority interest in the projects, with a total capacity of 24MW, has been acquired by manufacturer Canadian Solar's direct subsidiary Canadian Solar Solutions.
The two projects purchased have each received renewal energy approvals and are expected to commence construction in early 2013 and be fully operational by late 2013.
Subject to certain contractual conditions, Canadian Solar is also in the process of finalising the purchase of two additional utility-scale solar power projects in Ontario, with the option of purchasing a fifth solar project at a later date from developer SunEdison.
These projects, totalling approximately 22.5MW, are in the advanced permitting stage and are expected to commence construction in early to mid 2013 and be fully operational by late 2013 and early 2014.
The aggregate transaction price is worth approximately US$38 million payable in accordance with certain milestones. The completion of the transaction also brings a settlement to litigation proceedings between Canadian Solar and SunEdison commenced in the Ontario courts in October 2011.
Each of the five solar power projects was awarded a 20-year power purchase agreement by the Ontario Power Authority under Ontario's feed-in tariff programme.