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., completed the sale of the 10 MW AC RayLight solar power plant ("RayLight") valued at over C$65 million (USD$56 million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The RayLight 10 MW AC solar power plant is located in the Township of Tay, Ontario and uses Canadian Solar's MaxPower CS6X-300/305P panels made in Canada. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.
"The RayLight solar project acquisition is a continuation of our investments in the Canadian renewable energy sector. We firmly believe that the demand for clean and sustainable green energy will continue to increase and that solar technologies will play a key role in satisfying that demand," remarked Cliff McCracken, Senior Vice President of Concord Pacific.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the sale and transfer of this utility-scale solar project to Concord Green Energy. As the third of five projects executed under our sales agreement with Concord, we are particularly excited with our successful cooperation with Concord, and we look forward to providing the operations and maintenance for their solar energy investment opportunities within Ontario, while fulfilling our corporate mission of creating sustainable communities."