January 7 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) announced today it has closed the sale of an 18-MWp portfolio of solar projects developed under Chile’s Small Distributed Generation Means scheme, also known as PMGD.
The buyer is solar power producer Sonnedix Power Holdings Limited. Canadian Solar did not disclose the value of the transaction, but said that the majority of revenue will be recognised in the fourth quarter of 2018.
The sale concerns projects located in Maule and O'Higgins Regions. They are expected to enter the construction phase this month and reach commercial operation in the second quarter of 2019. The projects will use 48,600 of Canadian Solar's CS3U-MS KuMax Mono PERC 375W modules.
"These are our first solar projects in Chile and their successful development and sale underscore our ability and commitment to expanding our presence in the major solar markets in the region," said Shawn Qu, chairman and CEO of Canadian Solar.