Canadian Solar Inc (Nasdaq: CSIQ) has sold its interests in three U.S. solar photovoltaic projects to Korea Electric Power Corp (KEPCO), a South Korean electric utility. No financial terms were disclosed for the deal, which saw KEPCO partner with Corporate Partnership Fund (COPA Fund), a South Korean private equity investor. Recurrent Energy LLC, the U.S. affiliate of Canadian Solar, developed the three 235 megawatt projects located in southern California, which reached commercial operation in 2016. Canadian Solar is a Guelph, Ontario-based solar power company.
PRESS RELEASE
Canadian Solar Completes Sale of 235 Megawatt California Solar Portfolio to Korea Electric Power Corporation
NAJU, South Korea and GUELPH, Ontario, March 13, 2018 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC (“Recurrent Energy”) has finalized the sale of its interests in three solar photovoltaic projects totaling 235 MWac/309 MWp. The Korea Electric Power Corporation (“KEPCO”), South Korea’s largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California.
This transaction marks KEPCO’s largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.
“These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio,” said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. “We expect further cooperation with Canadian Solar and are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market.”
Recurrent Energy developed the three projects, all of which reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role. Additional details on the three projects are available at recurrentenergy.com/portfolio.
“Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend,” said Shawn Qu, chairman and chief executive officer of Canadian Solar. “The Recurrent Energy team continues to create value through deals with world-class investors that monetize our quality U.S. solar project assets.”
BofA Merrill Lynch and Scotiabank Global Banking and Markets acted as financial advisors to Recurrent Energy on the transaction.
About KEPCO
KEPCO is a global leading utility which was founded to facilitate electric supply in Korea. Together with its affiliates and subsidiaries, KEPCO has 79 GW of capacity, which is 75 percent of the total capacity in Korea nation-wide, and total assets of USD 160 billion with sales revenue of USD 54 billion in 2016. At the end of 2017, KEPCO is developing and operating 39 energy projects in 24 countries, with total power capacity of 25,153MW (stake: 8,388MW) in overseas business. Additional details are available at http://home.kepco.co.kr.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost 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 various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Photo courtesy of Recurrent Energy LLC
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