Canadian Solar To Sell Solar Power Projects In China For $32.8 Mln - Quick Facts

(RTTNews) - Canadian Solar Inc. (CSIQ), a solar power company, announced Wednesday that its unit CSI Solar Power (China) Inc. has entered into a project sale agreement to sell Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China. The deal by Create Technology & Science Co., Ltd., a state-owned company in China, is for approximately 218.5 million Chinese yuan or $32.8 million.

This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council.

Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet."