GUELPH, ONTARIO --(eSolarEnergyNews)-- Canadian Solar today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC BeamLight LP ("BeamLight") and its 10 MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. ("Concord") for over CAD152.5 Million (USD115 Million). The transaction was closed on December 29, 2016 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.The BeamLight plant is located in Georgina, Ontario and uses approximately 46,224 Canadian Solar MaxPower CS6X-P PV modules. The Alfred plant is located in Alfred, Ontario and uses about 46,656 Canadian Solar MaxPower CS6X–P PV modules.
These solar systems will generate significant environmental benefits. The amount of clean solar energy that the plants will collectively generate is estimated at 35,941 MWh per year and 665,130 MWh over 20 years. The amount of carbon dioxide that will be displaced during the systems' 20 year lifetimes is approximately 467,437 metric tons, equivalent to taking around 98,738 cars off of the road for one year.
"Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are very pleased to announce the successful sale of two operating solar power plants in Canada. This deal demonstrates that we are well on track to monetize our quality solar power plant assets to recycle our capital and strengthen our balance sheet. This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of 5 solar power plants in Canada. We value our strategic partnership with Concord Green Energy and look forward to continuing our successful cooperation."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects of scale at various stages of planning, development, and operation across Canada., visit www.concordpacific.com.
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