RET Capital now owns three solar plants built by Canadian Solar across the province, totaling more than 40 MW DC of generating capacity.
SAN FRANCISCO—April 6, 2015 —Renewable Energy Trust Capital, Inc. (RET Capital) has acquired the 14.1-megawatt DC (MW DC) CityLights solar power plant in Chesterville, Ontario, from Canadian Solar, Inc. (NASDAQ: CSIQ). With the close of this deal, RET Capital now owns three solar plants built by Canadian Solar across the province, totaling more than 40 MW DC of generating capacity.
Power from RET Capital's CityLights plant and its sister solar plants, DiscoveryLight and FotoLight, is being sold to the Independent Electricity System Operator (IESO)—the largest power provider in Ontario—under a 20-year feed-in tariff contract.
"RET Capital is excited to add this high-quality plant and its long-term energy delivery contracts to our growing portfolio of solar assets in the United States and Canada," said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.
Canadian Solar provided turnkey engineering, procurement, and construction services, and will continue to operate and maintain the plant.
"Canadian Solar has had a long friendship with RET Capital in the renewable energy industry, and the sale of this third plant underscores our successful collaboration with them," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We believe in our corporate mission and look forward to contributing to the solar landscape in North America."
"We look forward to continuing to work with Canadian Solar, both with these plants and as we expand our North American solar network," Bohn said.
RET Capital, based in San Francisco, currently owns utility-scale solar energy plants in Ontario, California, and Georgia.
About RET Capital
RET Capital offers innovative and flexible low-cost financing for wind and solar projects, a unique partnership model, and a deep bench of experienced professionals with unparalleled expertise in surmounting regulatory and financial obstacles. For developers of renewable energy projects, RET Capital reduces risk and helps ensure success. And by acquiring a diversified portfolio of high-quality wind and solar generation facilities with long-term contracts for energy delivery, RET Capital creates a predictable and profitable revenue stream. For additional information, please visit www.renewabletrust.com.
About Canadian Solar Inc.
Founded in 2001, Canadian Solar is one of the world's largest solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 9 GW of premium quality modules in over 70 countries around the world. Canadian Solar has been listed on NASDAQ since 2006. For additional information about the company, products, and projects, please visit www.canadiansolar.com.