Canadian Solar to Sell Five Utility-Scale Solar Power Plants to Concord Green Energy
Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar") today announced that its subsidiary, Canadian Solar Solutions Inc., has entered into a sales agreement with Concord Pacific's green energy affiliate, Concord Green Energy ("Concord"), whereby Concord will acquire from Canadian Solar five utility-scale solar power plants totaling 49MW (AC) valued at over C$290 million ($277 million).
Under the agreement, the five utility-scale solar power plants, located in Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge, Ontario, Canada, are expected to start construction during 2013 and 2014 with commercial operation expected in 2014. Canadian Solar will provide turnkey engineering, procurement and construction ("EPC") services to complete the projects and will provide operations and maintenance services after completion. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.