Canadian Solar sells newly-completed Glenarm project to DIF affiliate

Canadian Solar (NASDAQ: CSIQ) announced Jan. 22 the sale of the 10-MW (ac) Glenarm solar power plant in Canada to an affiliate of DIF Infrastructure III.

This solar plant is valued at over C$60m (US$49m) and utilizes Canadian Solar’s CS6X photovoltaic (PV) modules. The Glenarm plant will sell electricity under a 20-year Ontario Power Authority feed-in-tariff contract.  The project reached commercial operation in November 2014.

The closing of this sale represents the first of four solar projects (Glenarm, Illumination, Beamlight, and GoldLight) that will be acquired by DIF. Construction and term financing for the project was provided by Natixis NY Branch, Rabobank Nederland NY Branch and NordLB.

“The Glenarm power plant further expands Canadian Solar’s contribution to the adoption of solar energy in North America,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Canadian Solar is especially pleased to work with DIF, given DIF’s dedication and experience with renewable energy projects on a global basis.”

“DIF, with over 300 MW of solar projects under management in North America and Europe, is pleased to announce the closing of the transaction. DIF’s partnership with Canadian Solar provides another high quality solar project to our growing renewable energy portfolio in North America and Europe,” said Paul Huebener, Head of Americas for DIF.

Founded in 2001 in Ontario, Canada, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 8 GW of premium quality modules installed in over 70 countries during the past decade.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.