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