Canadian Solar on Aug. 27 said it has completed the sale of its Canadian Solar 1 solar power plant to Stonepeak Infrastructure Partners for about C$48m, or US$48.4m.
Canadian Solar was the developer, EPC and construction financier of the utility-scale plant, which will provide power to more than 1,200 homes. The plant is now connected to the grid.
The Canadian Solar 1 plant, located near the town of Napanee in eastern Ontario, includes about 50,000 Canadian Solar CS6M modules.
Under a 20-year contract with Stonepeak, Canadian Solar will provide operations and maintenance for the plant.
“This project marks Canadian Solar’s continued success in the utility-scale solar power development space while furthering Ontario’s goal to provide green energy and green jobs. It is a testament to the quality of Canadian Solar’s modules and the proven expertise of our projects team that a strategic company like Stonepeak has chosen the CS1 solar farm as their first investment in the Ontario market. We are also very excited to complete our first sale of a Canadian Solar owned solar power project in Ontario,” Canadian Solar CEO and Chairman Shawn Qu said in a statement.
AMP Solar Group, as a project co-developer, financed the acquisition of the asset with Stonepeak Infrastructure Partners and The Manufacturers Life Insurance Co.