Canadian Solar (NASDAQ: CSIQ) announced Nov. 18 that its subsidiary, Canadian Solar Solutions, has entered into a sales agreement with a fund managed by DIF Infrastructure under which DIF will acquire four utility-scale solar plants located in Ontario, Canada, totaling 40 MW (AC).
This deal is at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market, the company added. The agreement is subject to usual closing conditions, including the completion of financing for the construction of each solar plant which is being arranged with the participation of leading international banks.
Under the agreement, the four solar plants, which include BeamLight in Georgina, Gold Light in Pefferlaw, Illumination in Scugog and Glenarm in Kawartha Lakes, are expected to go into construction in 2013 and 2014, with commercial operation expected in 2014.
About 190,000 Canadian Solar CS6X high-performance modules will be installed in the four solar plants. Canadian Solar said it will provide turnkey engineering, procurement and construction services to build the projects and will provide operations and maintenance services after completion.
“DIF has a robust and forward looking vision for solar, with numerous successes worldwide,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “These four solar-power plants will further advance our shared goal of significantly contributing to the growth of solar powered energy and job creation in the Ontario market.”
“Following investments in over 160 MW of solar PV projects in Europe by DIF managed funds, DIF is pleased to announce its first renewable energy investment in North America,” said Paul Huebener, head of DIF in Canada. “This investment is consistent with DIF’s strategy to invest in quality assets that will provide stable cash flows to its investors, with proven technology suppliers, such as Canadian Solar. Having worked with Canadian Solar in Europe, this transaction highlights the benefits of working with international groups across different countries.”
Founded in 2001, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, it has delivered more than 5 GW of premium quality solar modules to customers in over 70 countries.
DIF is a fully independent dedicated fund management company that invests in infrastructure assets that generate long term stable cash flows. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg and Toronto.