Concord Green Energy To Buy Five Utility-Scale Solar Power Plants

(RTTNews) - Canadian Solar Inc.'s (CSIQ) subsidiary, Canadian Solar Solutions Inc., has reached a sales agreement with Concord Pacific's green energy affiliate, Concord Green Energy, whereby Concord would buy from Canadian Solar five utility-scale solar power plants totaling 49MW (AC) valued at over C$290 million or $277 million. Pursuant to this, the five utility-scale solar power plants in Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge, Ontario, Canada, may start construction in 2013 and 2014 with commercial operation expected in 2014.

Canadian Solar would provide turnkey engineering, procurement and construction services to complete the projects and would provide operations and maintenance services after completion. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.

The five utility-scale solar power plants would power nearly 8,713 homes and are likely to displace some 1,164,120 metric tons of carbon dioxide emissions over their 20-year operational period under each Ontario Power Authority contract of the solar farms. Further, the installations would comprise about 236,000 Canadian Solar CS6X high-performance modules. The CS6X modules have been formally tested and awarded international certifications. The solar farms are likely to in total create over 500 new jobs during the development and construction phases of all five solar projects.