Canadian Solar Inc. has completed the sale of three utility-scale solar plants to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments, for over $195 million.
Totaling 59.8 MW and consisting of the solar farm holding companies SSM 1 Solar ULC, SSM 2 Solar ULC and SSM 3 Solar ULC, the portfolio is located in Sault Ste. Marie, Ontario. As part of the deal, Fengate will take over the outstanding debt from Norddeutsche Landesbank Girozentrale, and Canadian Solar will provide operations and maintenance work and asset management services.
Dr. Shawn Qu, chairman and CEO of Canadian Solar, comments, “We are delighted to announce the successful sale of three additional solar power plants. To this point, we have sold all of our operating plants of 100 MW in Canada, including the BeamLight and Alfred projects sold in December 2016. We value our partnership with Fengate and look forward to deepening our cooperation while we continue to monetize our solar power plants in other countries.”
“The Sault St. Marie solar portfolio is fully contracted, with a strong operating record,” states George Theodoropoulos, Fengate’s managing director of infrastructure for North America. “Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry.”