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 two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC (RET), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. These two plants use Canadian Solar's CS6X-305P modules, and are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET.
DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. The electricity generated by these two power plants, both currently in commercial operation, will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract.
Canadian Solar provided turnkey engineering, procurement and construction services, and will also provide operations and maintenance services. A third 10 MW AC power plant ("CityLights") is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation.
"The good work we have done with our friends at Canadian Solar means we will be able to bring clean and cost-effective energy to Ontario households for years to come," said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. "We are pleased to announce this 40.9 MW DC deal and look forward to identifying and engaging similarly strategic opportunities in the new year."
"We are pleased with the sale of these two plants to RET Capital, and we look forward to closing the third plant in early 2015," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This transaction underscores the successful execution of our business plan in Ontario, as well as our proven track record as a leading project developer on a global scale."