Canadian Solar sells utility solar plants to RET Capital

Canadian Solar has sold two 10 MW-ac solar power plants to Renewable Energy Trust Ontario Holdings (RET).

While the company declined to provide financial details of the transaction, it said it sold the installations at "a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market."

Canadian Solar’s wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the two plants, DiscoveryLight and FotoLight.

The two plants are part of a sales agreement that includes the sale of three utility-scale solar power plants from Canadian Solar’s Ontario pipeline to RET.

Canadian Solar provided turnkey engineering, procurement and construction services and will also handle operations and maintenance services for the projects.

DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. Ontario utility Hydro One will buy electricity generated by the plants under a 20-year Ontario Power Authority feed-in-tariff contract.

DiscoveryLight and FotoLight are currently in commercial operation employing Canadian Solar’s CS6X-305P modules.

A third 10 MW-ac plant, CityLights, is scheduled to begin commercial operation in the first quarter of the year with closing occurring post commercial operation.