Shares in Canadian Solar surged 12 per cent yesterday on the back of news of a C$290 million (US$280 million) sale of five utility scale power plants in Ontario.
Concord Green Energy, an affiliate of the Concord Pacific Group, has agreed to purchase solar farms at Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge which will total 49 MW.
Construction on the projects will start this year and next with all five set to be operational next year and the Ontario Power Authority has signed 20-year PPAs on the projects.
Canadian Solar, one of the Chinese manufacturers which signed up to the recent EU-China solar trade agreement, announced the sale in a press release yesterday and claimed more than 500 jobs will be created during construction of the projects.
The solar farms will feature 236,000 Canadian Solar CS6X high performance modules and the manufacturer will perform EPC services as well as operations and maintenance after construction is complete.
Shawn Qu, cahirman and chief executive of Canadian Solar, hailed the sale as further prrof of his company's switch in focus from module manufacturing to "total solution provider." And shareholders seemd to agree.
Concord was advised by BowMont Capital and Advisory on the deal.
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