Canadian Solar sells 10 MW PV plant to BlackRock fund


Canadian Solar has sold its fourth utility-scale solar power plant in Ontario to a fund managed by BlackRock.

The Chinese-Canadian solar group’s Canadian Solar Solutions subsidiary signed a deal with a BlackRock fund for the sale of the 10 MW AC Oro-Medonte solar power plant at a price it said was comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market.

The transaction follows BlackRock’s previously announced acquisition of the Demorestville, Taylor Kidd and Westbrook solar power plants in Ontario, Canada.

The fourth utility-scale solar power plant purchased by BlackRock is located in the Township of Oro-Medonte and is scheduled to start construction in the first quarter of 2014, with commercial operation expected in the third quarter of the year.

Canadian Solar is providing turnkey engineering, procurement and construction services to complete the project and will provide operations and maintenance services after completion.

Canadian Solar Chairman and CEO Shawn Qu said the company’s backlog of contracted and late-state projects in Canada, Japan, the U.S. and China provided "good visibility into our results for 2014 and beyond. This is allowing us to prioritize additional opportunities in key markets, a pipeline that we estimate now stands over 3 GW, as we emerge as one of the leaders in the solar energy solutions market place."

The Oro utility-scale solar power plant is designed to generate sufficient power for approximately 1,339 homes and will provide energy over its 20-year operational period covered under the Ontario Power Authority contracts.

The array will include approximately 38,763 Canadian Solar CS6X high-performance modules and is expected to create more than 150 new jobs during the development and construction phase.