Photon, Canadian Solar swap project rights in 580 MWp of Aussie solar

Solar energy developers Photon Energy NV (WSE:PEN) and Canadian Solar Inc (NASDAQ:CSIQ) have exchanged rights to 580 MWp of solar projects they partnered on in Australia.

Amsterdam-based Photon on Tuesday said it took Canadian Solar’s 51% stake in the 160-MWp Maryvale scheme and now owns 65% interest in the project.

In exchange, Canadian Solar got Photon’s 49% stake in the 220-MWp Gunning and a 25% stake in the 200-MW Suntop2 solar projects and will handle their further development.

Of the three, the Maryvale project is in the furthest stages of development, Photon said.

Sited in the New South Wales Central-West Orana Renewable Energy Zone, Maryvale has development approval in place. Going forward, Photon will develop the project independently and work with a local partner, which still owns the remaining 35% stake and will stay on board as part of the transaction with Canadian Solar.

"With an increased 65% stake in the project, we have maximised our value and the ability to engage in post-development activities, such as EPC and O&M," said Michael Gartner, managing director of Photon Energy Group, Australia and CTO of Photon Energy Group.

Photon expects to spend the next six months working on the preliminary design and grid connection studies for Maryvale, and secure a connection agreement within 12 months, it said.

Photon Energy and Canadian Solar previously partnered as co-developers of the 189-MWp Suntop1 and the 150-MWp Gunnedah solar projects in Australia. After the development was finalised, Photon sold its shares in these projects to Canadian Solar, which then launched construction activities.

Choose your newsletter by Renewables Now. Join for free!