Canadian Solar Sells Two Utility Scale Solar Power Plants to a Fund Managed by BlackRock
Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., entered into an agreement with a fund managed by BlackRock (NYSE: BLK), whereby BlackRock acquired from Canadian Solar two utility-scale solar power plants totaling 20MW (AC) on September 30th, 2013 at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market.
Under the agreement, the two utility-scale solar power plants purchased by BlackRock are located in Demorestville and Odessa, Ontario, Canada. Construction started in the first quarter and third quarter of 2013, with commercial operation expected in the fourth quarter of 2013 and the second quarter of 2014, respectively. Canadian Solar is providing turnkey engineering, procurement and construction ("EPC") services to complete the projects and will provide operations and maintenance ("O&M") services after completion.
"We are proud to partner with BlackRock, a globally renowned institution, on these showcase utility-scale solar power plants," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This transaction with one of the leading global infrastructure