Canadian Solar sells two Ontario projects to RET Capital

Canadian Solar (NASDAQ: CSIQ) announced Jan. 5 that its wholly owned subsidiary, Canadian Solar Solutions, completed the sale of two 10-MW (ac) solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings INC/ULC (RET), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market.

These two plants use Canadian Solar’s CS6X-305P modules, and are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET. DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. The electricity generated by these two power plants, both currently in commercial operation, will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract. 

Canadian Solar provided turnkey engineering, procurement and construction services, and will also provide operations and maintenance services. A third 10-MW (ac) power plant (CityLights) is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation.

“The good work we have done with our friends at Canadian Solar means we will be able to bring clean and cost-effective energy toOntario households for years to come,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. “We are pleased to announce this 40.9 MW DC deal and look forward to identifying and engaging similarly strategic opportunities in the new year.”

“We are pleased with the sale of these two plants to RET Capital, and we look forward to closing the third plant in early 2015,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Founded in 2001 in Ontario, Canada, Canadian Solar is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions. Canadian Solar has a track record of successful solar deployment boasting over 8 GW of premium quality modules installed in over 70 countries during the past decade.

RET Capital is a privately held company that makes sponsor equity investments in solar PV power generation facilities.

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.