Canadian Solar divests two solarpower plants to Concord Green Energy affiliates for $115m

Canadian Solar Solutions has completed the sale of two solarpower plants to Concord Green Energy affiliates, Concord BeamLight GP2, and federal corporation Canada for more than CAD152.5m ($115m).

The two projects involved are the 10MW AC BeamLight solarpower plant in Georgina and the 10MW AC Alfred solarpower plant in Ontario.

Canadian Solar's chairman and chief executive officer Dr Shawn Qu said: “We are very pleased to announce the successful sale of two operating solar power plants in Canada.

“This deal demonstrates that we are well on track to monetise our quality solarpower plant assets to recycle our capital and strengthen our balance sheet.

“This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of five solarpower plants in Canada.”

The BeamLight project features nearly 46,224 Canadian Solar MaxPower CS6X-P photovoltaic (PV) modules, while the Alfred plant is equipped with approximately 46,656 Canadian Solar MaxPower CS6X–P PV modules. The two projects are estimated to generate a total electricity of 35,941MWh every year and 665,130MWh over 20 years.

The two plants will also be able to reduce a total of approximately 467,437t of carbon emissions over the period of their 20 year lifetimes.