Canadian Solar (NASDAQ: CSIQ) said April 6 that its wholly owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of the third 10-MW (ac) solar power plant, called “CityLights,” to Renewable Energy Trust Ontario Holdings INC/ULC (RET Capital), at a valuation comparable to other recent project sales completed by Canadian Solar.
This plant uses Canadian Solar’s CSX-P-300|305P panels. The CityLights facility is located in the town of Chesterville, Ontario. The electricity generated will be sold to Hydro One under a 20-year Independent Energy Systems Operator feed-in-tariff contract. Canadian Solar provided turnkey engineering, procurement, and construction services, and will further provide operations and maintenance services.
“RET Capital is very pleased to close this deal with our friends at Canadian Solar. By purchasing CityLights, we now have a portfolio of more than 40 MW DC of solar assets in Ontario,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. “We look forward to continuing our close working relationship with Canadian Solar in the future as we expand our North American solar network.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: “We are pleased to close our third solar power plant sale to RET Capital. Not only does this sale highlight the successful collaboration between Canadian Solar and RET, it also underscores our success in creating sustainable jobs and furthering the use of renewable energy from the sun in Ontario.”
With the close of this deal, RET Capital now owns three solar plants built by Canadian Solar across the province, totaling more than 40 MW (dc) of generating capacity. Power from RET Capital’s CityLights plant and its sister solar plants, DiscoveryLight and FotoLight, is being sold to the Independent Electricity System Operator under a 20-year feed-in tariff contract. RET Capital, based in San Francisco, currently owns utility-scale solar energy plants in Ontario, California, and Georgia.
RET Capital said it offers innovative and flexible low-cost financing for wind and solar projects, a unique partnership model, and a deep bench of experienced professionals with unparalleled expertise in surmounting regulatory and financial obstacles. For developers of renewable energy projects, RET Capital reduces risk and helps ensure success.
Founded in 2001 in Canada, Canadian Solar has successfully deployed over 9 GW of premium quality modules in over 70 countries around the world.