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Canadian Solar Sold Two Solar Power Plants to RET Capital

published: 2015-01-06 10:45

Canadian Solar Inc., through its wholly owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC (RET), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. These two plants are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET.

DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. Both plants use Canadian Solar’s CS6X-305P solar modules. The electricity generated by these two power plants, both currently in commercial operation with Canadian Solar’s EPC as well as operations and maintenance services, will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract.

A third 10 MW AC power plant (CityLights) is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation.

John A. Bohn, chief executive officer and chairman of RET Capital, commented, "We are pleased to announce this 40.9 MW DC deal and look forward to identifying and engaging similarly strategic opportunities in the new year."

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