BlackRock acquires power plants from Canadian Solar

The plants, which are situated in Demorestville and Odessa, Ontario, Canada, are capable of powering over 3,340 homes.

Canadian Solar started the construction of the plants in the first quarter and third quarter of 2013, with commercial operations set for the fourth quarter of 2013 and the second quarter of 2014, respectively.

Canadian Solar CEO and chairman Shawn Qu said that the company is proud to partner with BlackRock, a globally renowned institution, on these showcase utility-scale solar power plants.

"This transaction with one of the leading global infrastructure investors underscores the quality of our solar power project pipeline, and further demonstrates the momentum we continue to gain in our business strategy," Qu added.

"We believe that this transaction demonstrates that we are well positioned with a global brand, a track record of success delivering bankable solar power solutions, as well as strong partner relationships to continue to execute on our vision of establishing Canadian Solar as a leading provider of solar power total solutions on a global basis."

The plants will include around 95,890 Canadian Solar CS6X modules.

Canadian Solar will provide turnkey engineering, procurement and construction services for the plants and provide operations and maintenance services after completion.

BlackRock managing director Jim Barry said that the company is pleased to have invested in the Canadian solar energy sector and in particular the projects in Demorestville and Odessa.

"We look forward to developing our relationship with such a high quality asset developer as Canadian Solar," Barry added.

Electricity generated from the plants will be purchased by the Ontario Power Authority under a 20 year power purchase agreement.