CANADIAN SOLAR COMPLETES SALE OF BEAMLIGHT AND ALFRED SOLAR POWER PLANTS TO CONCORD GREEN ENERGY
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Canadian Solar BeamLight and Alfred Sale underscores a renewable energy acquisition in Ontario, as 10 MW AC solar power plants change hands, featuring MaxPower PV modules, generating 35,941 MWh annually and cutting carbon emissions significantly.
Breaking Down the Details
A CAD152.5M transaction transferring two 10 MW AC Ontario solar plants to Concord Green Energy affiliates.
Sale price over CAD152.5M; closed Dec 29, 2016
Buyer: Concord Green Energy affiliates
Two 10 MW AC plants in Georgina and Alfred, Ontario
Use ~92k MaxPower CS6X-P PV modules
Output 35,941 MWh/year; 467,437 t CO2e avoided over 20 years
Canadian Solar Inc. one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC BeamLight LP ("BeamLight") and its 10 MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. ("Concord") for over CAD152.5 Million (USD115 Million), a move consistent with other Canadian transactions like the Sault Ste. Marie solar portfolio that have reached financial close. The transaction was closed on December 29, 2016 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016, reflecting broader market activity, including RBC's Alberta solar power purchase highlighted in recent announcements. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.
The BeamLight plant is located in Georgina, Ontario and uses approximately 46,224 Canadian Solar MaxPower CS6X-P PV modules. The Alfred plant is located in Alfred, Ontario and uses about 46,656 Canadian Solar MaxPower CS6X–P PV modules, while large rooftop systems like the Edmonton rooftop solar array showcase urban adoption.
These solar systems will generate significant environmental benefits, aligning with trends where Alberta solar contracts beat natural gas on cost. The amount of clean solar energy that the plants will collectively generate is estimated at 35,941 MWh per year and 665,130 MWh over 20 years. The amount of carbon dioxide that will be displaced during the systems' 20 year lifetimes is approximately 467,437 metric tons, equivalent to taking around 98,738 cars off of the road for one year.
"Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are very pleased to announce the successful sale of two operating solar power plants in Canada. This deal demonstrates that we are well on track to monetize our quality solar power plant assets to recycle our capital and strengthen our balance sheet, as Alberta's surging solar market underscores nationwide momentum. This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of 5 solar power plants in Canada. We value our strategic partnership with Concord Green Energy and look forward to continuing our successful cooperation."
