Canadian Solar sells two utility-scale solar plants to BlackRock

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Canadian Solar – one of the world’s largest solar power companies – has announced that it will sell 20 MW-worth of solar power plants to BlackRock. The deal is for two plants and terms have been set on a per-megawatt basis.

The agreement is for BlackRock to acquire the two utility-scale power plants, which are located in Demorestville and Odessa, in the Ontario region of Canada. Construction on each plant began in the first and third quarter of this year respectively, with the plant in Demorestville due for completion in the fourth quarter of 2013. The Odessa plant will follow shortly after, in the second quarter of 2014.

Canadian Solar will provide turnkey engineering, procurement and construction (EPC) services to ensure the plants are completed to schedule, and will follow up with operations and maintenance services once the plants open.

"We are proud to partner with BlackRock, a globally renowned institution, on these showcase utility-scale solar power plants," said Canadian Solar’s CEO and chairman, Shawn Qu. "This transaction with one of the leading global infrastructure investors underscores the quality of our solar power project pipeline, and further demonstrates the momentum we continue to gain in our business strategy.

"Our team has worked tirelessly over the past few years to build out our pipeline in key low risk markets worldwide, including Canada, the U.S., and Japan, as well as in fast growing emerging markets such as China. We believe that this transaction demonstrates that we are well positioned with a global brand, a track record of success delivering bankable solar power solutions, as well as strong partner relationships to continue to execute on our vision of establishing Canadian Solar as a leading provider of solar power total solutions on a global basis."

BlackRock’s MD, Jim Barry, added: "We are pleased to have invested in the Canadian solar energy sector and in particular the projects in Demorestville and Odessa. We look forward to developing our relationship with such a high quality asset developer as Canadian Solar."

The two power plants will provide clean energy for an initial agreed period of 20 years.

It was a profitable week for the Chinese company’s project development business, which announced 24 hours earlier it had sold the latest two projects of a nine-project portfolio to TransCanada Corporation.

The 9 MW Brockville 2 scheme and the 7 MW Burritts Rapids project, both in eastern Ontario and valued at around C$95 million (US$92 million) are part of an 86 MW, C$470 million portfolio being built by Canadian Solar for TransCanada.