Concord Green Energy, a subsidiary of Concord Pacific, has signed a $277 million deal to acquire five solar power plants from Canadian Solar with a total expected capacity of 49 MW. Under the agreement, the five utility-scale plants, located in Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge, Ontario, Canada, are expected to start construction during 2013 and 2014 with commercial operation expected in 2014.
Canadian Solar will provide engineering, procurement and construction (EPC) services to complete the projects and will provide operations and maintenance services after completion. The installations will include approximately 236,000 Canadian Solar CS6X modules. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.
‘Concord Green Energy is always looking at a variety of investment opportunities in green energy production to fulfill our mission of creating sustainable communities,’ says Concord Pacific Senior Vice President Cliff McCracken. ‘Critical to our success in this area is finding and working with strong EPC partners who deliver high-quality projects that we can feel good about aligning with our brand.’
The five solar power plants will supply electricity to the Ontario Power Authority.