08/07/2014

Canadian Solar Completes the Sale of 10 MW Solar Power Plant to Concord Green Energy

Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., on Monday, June 30, completed the sale of the 10 MW AC Val Caron solar power plant ("Val Caron") valued at over C$60 million to One West Holdings Ltd., an affiliate of Concord Green Energy ("Concord"). The Val Caron 10 MW AC solar power plant is located in the city of Greater Sudbury, Ontario.

"We are excited to have reached another acquisition milestone," remarked Cliff McCracken, Senior Vice-President Concord Pacific. "Solar energy will soon be a significant contributor to our clean power portfolio of projects already in operation across Canada."

"We are pleased to close the first of five planed solar project sales to Concord Green Energy. This underscores our continued momentum in the Canadian market. Clearly, we continue to leverage our unequalled strength in our home market, where we operate 2 state-of-the-art module manufacturing facilities with a combined capacity totalling 500MW, and employing over 700 Canadian employees," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Our utility-scale solar project backlog in Canada now stands at over 570 MW DC, even after considering the 116 MW DC of solar projects we already completed and delivered to end buyers in Ontario."

Source: Canadian Solar Inc./canadiansolar.com