Canadian Solar announced that its wholly-owned subsidiary, CSI Solar Power (China) Inc. has entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. (Create Technology & Scienc) has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million (US$32.8 million).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China. This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet. We value our partnership with Create Technology & Science and look forward to our continued successful cooperation."
This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).