Solar panels manufacturer Canadian Solar has agreed to purchase four power projects from MEMC Electronic Materials's subsidiary SunEdison Power Canada for C$37m (US$37.2m).
The company has completed the purchase of a majority interest in two utility-scale solar power projects in Ontario with a total capacity of about 24MW DC.
Each of the two power projects received Renewal Energy Approvals and are expected to commence construction early this year, with operations likely to start by late 2013.
Canadian Solar will also buy two additional utility-scale solar power projects totalling 22.5MW in Ontario, and has the option to purchase the fifth project from SunEdison in the future.
These solar power projects are in the advanced permitting stage, and construction works could begin in early to mid-2013, with operations expected to commence by late 2013 and early 2014.
The Ontario Power Authority had already awarded a 20-year power purchase contract to each of the five solar power projects under Ontario's Feed-In-Tariff Program.
Commenting on the transaction, Canadian Solar chief executive, Dr. Shawn Qu, said it demonstrates the firm's ongoing investment and commitment to the Ontario solar energy market.
"Each of these four solar projects will create and sustain green jobs in Ontario and will generate clean, renewable energy for decades to come," Qu added.
With the completion of this transaction, a settlement has been reached regarding litigation proceedings between Canadian Solar and SunEdison in the Ontario courts.
Image: Each of the solar power projects purchased has a 20-year power purchase contract with the Ontario Power Authority. Photo: FreeDigitalPhoto.net