The transaction has been closed at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis. This plant uses Canadian Solar's CSX-P-300|305P panels.
The CityLights solar power plant is located in the town of Chesterville, Ontario. The electricity generated by this power plant, currently in operation, will be sold to Hydro One under a 20-year Independent Energy Systems Operator feed-in-tariff contract. Canadian Solar provided turnkey engineering, procurement, and construction services, and will further provide operations and maintenance services.
John A. Bohn, Chief Executive Officer and Chairman of RET Capital, stated:
"RET Capital is very pleased to close this deal with our friends at Canadian Solar. By purchasing CityLights, we now have a portfolio of more than 40 MW DC of solar assets in Ontario. We look forward to continuing our close working relationship with Canadian Solar in the future as we expand our North American solar network."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented,
"We are pleased to close our third solar power plant sale to RET Capital. Not only does this sale highlight the successful collaboration between Canadian Solar and RET, it also underscores our success in creating sustainable jobs and furthering the use of renewable energy from the sun inOntario."
We have recently reported about several solar asset transactions globally: