Canadian Solar sells two 10-MW facilities in Canada to Concord

Canadian Solar Inc. (NASDAQ: CSIQ) announced Jan. 5 that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of its 10-MW (ac) BeamLight LP and its 10-MW (ac) Alfred solar plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., which are affiliates of Concord Green Energy Inc., for over C$152.5 million (US$115 million).

The transaction closed on Dec. 29, 2016. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.

  • The BeamLight plant is located in Georgina, Ontario, and uses approximately 46,224 Canadian Solar MaxPower CS6X-P PV modules.
  • The Alfred plant is located in Alfred, Ontario, and uses about 46,656 Canadian Solar MaxPower CS6X–P PV modules.  

The amount of clean solar energy that the plants will collectively generate is estimated at 35,941 MWh per year and 665,130 MWh over 20 years.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said: “This deal demonstrates that we are well on track to monetize our quality solar power plant assets to recycle our capital and strengthen our balance sheet. This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of 5 solar power plants in Canada.”

As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has delivered over 17 GW of premium quality modules to over 90 countries around the world.

Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada’s first urban master-planned community builder, Concord Pacific. Concord Green Energy has projects of scale at various stages of planning, development, and operation across Canada.

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.