Canadian Solar Inc. today announced that Canadian Solar Solutions Inc. completed the sale of its 10MW AC BeamLight LP and its 10MW AC Alfred solar power plants to Concord BeamLight GP2 Ltd. for over CAD152.5 Million (USD115 Million). 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.
These solar systems will generate significant environmental benefits. The amount of clean solar energy that the plants will collectively generate is estimated at 35,941MWh per year and 665,130MWh 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. 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."