Canadian Solar Selling 5 Power Plants to Developer for $277 Million
Canadian Solar announced today that Canada-based real estate developer Concord Pacific has agreed to acquire five solar farms in Ontario totaling 49 MW for around $277 million.
Concord Pacific's Green Energy affiliate is on the receiving end of the deal, which will include "turnkey" engineering, procurement, and construction on Canadian Solar's part. After the farms are built, the solar company will stay on to run day-to-day operations and provide maintenance services. Construction is expected to begin in 2013 and 2014, with all farms up and running by 2015. The five plants will power about 8,713 homes. The installations are expected to include about 236,000 Canadian Solar modules.
"Concord Green Energy is always looking at a variety of investment opportunities in green energy production to fulfill our mission of creating sustainable communities," said Senior Vice-President of Concord Pacific Cliff McCracken in a statement today. "Critical to our success in this area is finding and working with strong [engineering, procurement and construction] partners who deliver high-quality projects that we can feel good about aligning with our brand. Canadian Solar has a reputation as a leading provider of solar energy solutions, making its projects attractive investments for our firm."
For Canadian Solar's part, its Chairman and CEO Shawn Qu sees the deal as an important improvement in his company's business offerings:
This agreement is a further example of Canadian Solar's successful transition from a premier PV module manufacturer to a PV total solution provider and the agreement with Concord is expected to contribute to our success. Through a careful and focused approach, we have built an attractive pipeline of sought-after solar power projects in Canada and the U.S., and are pursuing growth opportunities in other key markets.
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