Canadian Solar sells five solar projects to Concord Pacific for $277m

Canadian Solar has signed an agreement with Concord Pacific to sell five utility-scale solar power plants in Canada for C$290m ($277m).

Concord will own the projects through its subsidiary Concord Green Energy.

The five projects located in Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge, Ontario, will have consolidated power generation capacity of 49MWac.

Construction of the solar projects is expected to begin during 2013 and 2014 and become operational in 2014.

Installed with 236,000 Canadian Solar CS6X high-performance modules, the projects are estimated to power about 8,700 homes.

Canadian Solar will provide engineering, procurement and construction (EPC) services for the projects, and will also be responsible for their operations and maintenance.

Canadian Solar chairman and CEO Shawn Qu said that the agreement demonstrates Canadian Solar’s transition from a leading PV module manufacturer to a PV total solution provider.

"Through a careful and focused approach, we have built an attractive pipeline of sought-after solar power projects in Canada and the U.S., and are pursuing growth opportunities in other key markets. We look forward to successful cooperation with Concord," added Qu.

Concord Pacific senior vice-president Cliff McCracken said, "Critical to our success in this area is finding and working with strong EPC partners who deliver high-quality projects that we can feel good about aligning with our brand. Canadian Solar has a reputation as a leading provider of solar energy solutions, making its projects attractive investments for our firm."