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Canadian Solar’s wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of 2 solar power plants in Jiangsu Province, China to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB223.48 million (US$32.2 million).
The transaction was closed on December 30, 2016 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under “Other income (expenses)” in the income statement for the fourth quarter of 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to have closed the sale of two more solar power plants in China. This is another important milestone, as we continue to monetize our quality solar project assets in China and other countries. We look forward to deepening our strategic partnership with Shenzhen Energy for more opportunities in the future."