This is the second of four planned solar projects being acquired by BluEarth from Canadian Solar, totalling 38.5 MW AC.
GUELPH, Ontario, Aug. 20, 2014 -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of Good Light, a 10 megawatt ("MW") AC solar power plant located in the town of Kawartha Lakes, Ontario, Canada, valued at over C$66.0 million ($60.3 million) to a BluEarth Renewables Inc. subsidiary ("BluEarth"). This is the second of four planned solar projects being acquired by BluEarth from Canadian Solar, totalling 38.5 MW AC.
"We are pleased to announce the closing of the second utility-scale solar power plant to BluEarth Renewables, a private independent renewable power producer. Completing the Good Light project showcases Canadian Solar strength and position as a leading provider of solar energy solutions in Canada. The completion of this utility-scale solar farm has contributed significantly to job creation in Ontario during the construction and development phase through to the power plant operation and management phase. We look forward to continuing our successful cooperation with BluEarth on the remaining two projects and beyond," said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
"BluEarth is pleased to be further expanding our diversified renewable asset base with the addition of the Good Light Solar facility. This addition is an important milestone for BluEarth, bringing us one step closer to meeting our target of having more than $600 million of high-quality, long-term contracted hydro, solar and wind assets online by the end of 2015," said Kent Brown President & CEO of BluEarth. "We look forward to delivery of the remaining two Ontario projects and a continued relationship with Canadian Solar," Brown went on to say.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada. With the most experienced renewable energy development team in Canada, BluEarth's mission is to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has the power to change the future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit bluearth.ca.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 7 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.