Canadian Solar closes sale of 2nd 10-MW solar park to Concord Green
Sep 10, 2014 - Canadian Solar Inc (NASDAQ:CSIQ) said today it had concluded the sale of the 10-MW Mighty Solar plant in Ontario to a unit of Concord Green Energy Inc for over CAD 60 million (USD 54.6m/EUR 42.3m).
The solar power company agreed to sell 49 MW of solar capacity to Concord Green Energy in August 2013 for CAD 290 million. In July, it completed the sale of the first of the five projects, namely the 10-MW Val Caron solar park in Ontario.
The Mighty Solar plant will be selling its output to the Ontario Power Authority under a 20-year power purchase agreement (PPA), receiving the applicable feed-in tariffs (FiTs).
Concord Green Energy, which is the clean energy unit of Canadian real estate investor Concord Pacific Developments, bought the second project as part of the deal through its affiliate One West Holdings Ltd.