Canadian Solar purchases 59.8 MW solar assets from KKR

Canadian Solar has added three further solar projects to its growing portfolio of downstream assets.

Purchased for $203.7 million from global investment firm KKR, the three solar farms total 58.9 MW AC combined, and are located in Sault Ste. Marie, Ontario, Canada.

All three plants have been connected to the grid since November 2011, and Canadian Solar will seek to assume a seamless ownership and operation of the assets, which each hold long-term fixed-price contracts under the Renewable Energy Standard Offer Program.

"These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects," said Canadian Solar chairman and CEO Shawn Qu.

In September, Canadian Solar won 185 MW of solar projects in Brazil’s solar auction –a success that Qu said demonstrated the company’s growing project development capabilities. Via its subsidiary Recurrent Energy, Canadian Solar is also embarking on developing a 100 MW solar PV plant in central California, having secured a $165 million construction and tax equity loan from Banco Santander.

The Tier-1 solar company also announced that it has closed a $50 million loan with Credit Suisse, which was also the sole advisor on the Ontario transaction.