Canadian Solar (NASDAQ: CSIQ) said Oct. 2 that it has closed on the purchase of three operating solar projects totaling 59.8 MW (ac) from KKR.
The total approximate enterprise value of this transaction is C$270 million (US$203.7 million). In conjunction with this acquisition, Canadian Solar also closed a US$50 million loan with Credit Suisse, which also acted as sole financial advisor on the transaction.
The projects are located in Sault Ste. Marie, Ontario, and hold long-term fixed-price contracts under the Canadian province’s Renewable Energy Standard Offer Program. Canadian Solar plans to assume the roles of both the owner and operator of the projects, which were connected to the grid in the period from October 2010 to November 2011.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: “These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects. This acquisition demonstrates Canadian Solar’s ongoing investment and dedication to solar, as well as staying true to our strategy. We look forward to future transactions with KKR in North America.”
Founded in 2001 in Canada, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 11 GW of premium quality modules in over 70 countries around the world.