Canadian Solar (NASDAQ: CSIQ) announced March 27 that wholly-owned subsidiary Canadian Solar Solutions has completed the sale of Little Creek, a 8.5-MW (AC) solar power plant valued at over C$53m, to a BluEarth Renewables subsidiary.
This is the first of four planned solar projects being acquired by BluEarth from Canadian Solar, totaling 38.5 MW (AC).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said:”We are pleased to complete the sale and transfer of the first of four solar projects to BluEarth Renewables. This is an important group of projects as it helps move BluEarth closer to its goal of having C$1 billion of high-quality, long-term contracted renewable energy plants. From Canadian Solar’s standpoint, this successful project sale closure allows us to redeploy resources to other projects and to further expand our pipeline, which exceeds 4.5 gigawatts.”
“The addition of this first solar project to our portfolio is an important milestone for BluEarth. Solar is a great fit with our existing wind and hydro projects across Canada and we are very pleased to be expanding our interests in Ontario,” said Kent Brown, President and CEO of BluEarth.
The Little Creek solar plant is located in the town of Napanee, Ontario, Canada. The additional three utility-scale solar plants being purchased by BluEarth, which are planned to reach commercial operation through the second quarter of 2015, are located in Kawartha Lakes, Belleville and Beaverton, Ontario. Canadian Solar Solutions will provide turnkey engineering, procurement and construction services for all four projects.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest solar power companies. Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries.