Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, has announced the Company has completed the sale to Stonepeak Infrastructure Partners ("Stonepeak") of a utility-scale solar power plant for approximately C$48.0 million (US$48.4 million). As the developer, EPC and construction financier, Canadian Solar built the solar power plant to provide enough clean, renewable energy to power more than 1,200 homes in eastern Ontario near the town of Napanee.
Named "Canadian Solar 1" (or "CS1"), the solar installation is now connected to the grid and includes approximately 50,000 Canadian Solar CS6M modules. Canadian Solar also won a 20-year contract to provide operations and maintenance services to Stonepeak for the utility-scale solar power plant.
"This project marks Canadian Solar's continued success in the utility-scale solar power development space while furthering Ontario's goal to provide green energy and green jobs," said Dr. Shawn Qu, CEO and Chairman of Canadian Solar. "It is a testament to the quality of Canadian Solar's modules and the proven expertise of our projects team that a strategic company like Stonepeak has chosen the CS1 solar farm as their first investment in the Ontario market. We are also very excited to complete our first sale of a Canadian Solar owned solar power project in Ontario."
"The Ontario renewables regime represents an attractive investment opportunity and we are excited about partnering with Canadian Solar and AMP Solar Group on this project. Canadian Solar Solutions' projects team has done an excellent job completing this clean energy project and delivering a turnkey package for purchase by Stonepeak," said Trent Vichie, founding partner of Stonepeak Infrastructure Partners.
As project co-developer, AMP Solar Group financed the acquisition of the asset with Stonepeak Infrastructure Partners and The Manufacturers Life Insurance Company. Dave Rogers, CEO of AMP Solar Group said: "The CS1 project represents a great opportunity for AMP and its financing partners to own and operate a superior project in Ontario's thriving renewable market."