DIF Infrastructure to Acquire Four Utility-Scale Solar Power Plants from Canadian Solar
Canadian Solar (NASDAQ: CSIQ) today announced that its subsidiary, Canadian Solar Solutions Inc., has entered into a sales agreement with a fund managed by DIF ("DIF"), whereby DIF will acquire from Canadian Solar four utility-scale solar power plants located in Ontario, Canada, totaling 40 MWAC at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. The agreement is subject to usual closing conditions, including the completion of financing for the construction of each solar plant which is being arranged with the participation of leading international banks.
Under the agreement, the four solar power plants, which include "BeamLight" in Georgina, "Gold Light" in Pefferlaw, "Illumination" in Scugog and "Glenarm" in Kawartha Lakes, Ontario, Canada, are expected to start construction in 2013 and 2014, with commercial operation expected in 2014. More than 400 jobs are expected to be created through the construction of the projects, which are expected to generate enough emissions-free energy upon completion to power approximately 7,000 homes.
Approximately 190,000 Canadian Solar CS6X high-performance modules will be installed