Shares in Canadian Solar surged 12 per cent yesterday on the back of news of a C$290 million (US$280 million) sale of five utility scale power plants in Ontario.
Concord Green Energy, an affiliate of the Concord Pacific Group, has agreed to purchase solar farms at Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge which will total 49 MW.
Construction on the projects will start this year and next with all five set to be operational next year and the Ontario Power Authority has signed 20-year PPAs on the projects.
Canadian Solar, one of the Chinese manufacturers which signed up to the recent EU-China solar trade agreement, announced the sale in a press release yesterday and claimed more than 500 jobs will be created during construction of the projects.
The solar farms will feature 236,000 Canadian Solar CS6X high performance modules and the manufacturer will perform EPC services as well as operations and maintenance after construction is complete.
Shawn Qu, cahirman and chief executive of Canadian Solar, hailed the sale as further prrof of his company's switch in focus from module manufacturing to "total solution provider." And shareholders seemd to agree.
Concord was advised by BowMont Capital and Advisory on the deal.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.