Canadian Solar has completed the sale of the outstanding shares of three operating, fully-contracted solar assets to Toronto-based investment firm Fengate SSM Holdco LP., for US$ 195 million. The PV power plants are located in Sault Ste. Marie, Ontario and have a combined capacity of 59.8 MW.
As the PV producer announced yesterday, the transaction was closed on February 1, 2017 and is to be booked in the income statement for the first quarter of 2017.
Under the terms of the deal, Fengate will take over the outstanding debt from Norddeutsche Landesbank Girozentrale, and Canadian Solar continues to provide operations and maintenance services as well as asset management services.
The acquisition of the solar farms represents Fengate´s largest power investments to date and expands its solar capacity in Ontario to 105 MW.
“Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry,” said George Theodoropoulos, Fengate’s managing director of Infrastructure for North America.
Author: Carl Johannes Muth
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: firstname.lastname@example.org.
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.