Canadian Solar Inc. has entered into a sales agreement with BluEarth Renewables Inc., whereby BluEarth will acquire from Canadian Solar four utility-scale solar power plants in Ontario with a total capacity of 38.5 MW AC (53.9 MW DC) and valued at over $217.2 million. CIBC World Markets acted as advisor to BluEarth in the transaction.
Construction on all four projects is expected to commence in 2013, with commercial operation expected in 2014. Canadian Solar will provide engineering, procurement and construction services for all four sites. The company says the four plants will include approximately 186,000 Canadian Solar CS6X PV modules. Electricity is to be supplied to ratepayers under Ontario Power Authority contracts.
‘These projects are a great fit with our existing renewable energy plants and projects, moving us closer to our goal of $1 billion of high-quality, long-term contracted renewable energy plants," saysÂ BluEarth President and CEO Kent Brown." We look forward to continuing our relationship with Canadian Solar, both in the delivery of these high-quality projects and on potential future projects.’