Canadian Solar completes the sale of two solar plants to RET Ontario

Shawn Qu Canadian Solar CEO

Canadian Solar subsidiary, Canadian Solar Solutions, has completed the sale of two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust (RET) Ontario Holdings.

Valuation of the projects is comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market, the company said in a statement.

The third 10 MW AC power plant (“CityLights”) is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation, the company said.

Under the sales agreement, Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET.

Shawn Qu Canadian Solar CEO
Shawn Qu Canadian Solar CEO

DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. The plants use Canadian Solar’s CS6X-305P modules.

Both plants are currently operational. Electricity generated from the plants will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract.

Canadian Solar provided turnkey engineering, procurement and construction services, and will also provide operations and maintenance services.

RET Capital will look to identify and engage in similar strategic opportunities in the New Year, said John A. Bohn, chief executive officer and chairman of RET Capital.

Shawn Qu, chairman and chief executive officer of Canadian Solar, added, “This transaction underscores the successful execution of our business plan in Ontario, as well as our proven track record as a leading project developer on a global scale.”

Rajani Baburajan

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