Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., in the first quarter of 2015 completed the sale of the third 10 MW AC solar power plant, "CityLights," to Renewable Energy Trust Ontario Holdings, INC/ULC (RET Capital), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis.
The CityLights power plant, consisting of Canadian Solar’s CSX-P-300|305P panels, is located in the town of Chesterville, Ontario. The electricity generated by this power plant, currently in operation, will be sold to Hydro One under a 20-year Independent Energy Systems Operator feed-in-tariff contract. Canadian Solar provided turnkey engineering, procurement, and construction services, and will further provide operations and maintenance services.
"RET Capital is very pleased to close this deal with our friends at Canadian Solar. By purchasing CityLights, we now have a portfolio of more than 40 MW DC of solar assets in Ontario," said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. "We look forward to continuing our close working relationship with Canadian Solar in the future as we expand our North American solar network."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "This sale not only highlights the successful collaboration between Canadian Solar and RET, it also underscores our success in creating sustainable jobs and furthering the use of renewable energy from the sun in Ontario."