DIF-backed BluEarth acquires solar photovoltaic project

Calgary-based power producer BluEarth Renewables has acquired Alberta's Suffield Solar Project from Canadian Solar.

Calgary-based power producer BluEarth Renewables has acquired the Suffield Solar Project from Canadian Solar for an undisclosed amount. Suffield, currently under construction in southeast Alberta, will have a capacity of 23 mega-watt alternating current/32 mega-watt peak. BluEarth was acquired last year by DIF Capital Partners from Ontario Teachers’ Pension Plan.


Canadian Solar Sells Suffield Solar Project to BluEarth Renewables

Leading the Resurgence of Utility-Scale Solar Energy in Alberta

GUELPH, Ontario, Sept. 21, 2020 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) announced today the completion of the sale of the Suffield Solar Project to BluEarth Renewables (“BluEarth”). The Suffield Solar Project (“Suffield”), currently under construction in southeast Alberta, will have a capacity of 23 MWac / 32 MWp and will be among the largest solar photovoltaic (PV) facilities in the province of Alberta. Direct Energy will purchase the electricity from the Suffield facility once it is operational later this year. Direct Energy is one of the largest energy and energy-related service providers in North America with almost one million residential, business and wholesale customers in Alberta.

The Suffield facility was awarded funding through Natural Resources Canada’s Emerging Renewable Power Program for pioneering cutting-edge advancements in renewable energy technology. Specifically, the Suffield project will use Canadian Solar’s high-efficiency bifacial modules and single-axis trackers. Bifacial modules produce electricity from both sides of the solar panel maximizing total energy generation and improving reliability during winter months. Single-axis trackers allow the solar arrays to follow the sun’s trajectory throughout the day, also increasing electricity production.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar said, “The Suffield Solar Project proves the notion that private investment coupled with government funding to advance research and new technologies is a win/win for consumers. We have sincerely enjoyed partnering with BluEarth Renewables in the past and are very pleased to have them as the new owner of this landmark project.”

“We’ve had an excellent, long-standing relationship with Canadian Solar having transacted with them on our very first solar project in 2014,” said Grant Arnold, President and CEO of BluEarth. “With this acquisition, BluEarth is excited to expand its footprint in southern Alberta. The Suffield project, combined with one other solar project currently under construction, brings BluEarth’s total solar capacity to 187 MWac. We also believe more opportunities are on the horizon given the favorable market conditions for renewable energy investment in Alberta.”

Dr. Qu added, “With BluEarth’s proven commitment to the clean energy transition, an offtake agreement with leading energy provider Direct Energy, and the support from Natural Resources Canada, the Suffield Solar Project is set to benefit Albertans for years to come.”

Once operational, the Suffield Solar Project is estimated to power approximately 7,300 homes annually. For more information about the Suffield Solar Project, visit BluEarth’s website.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

About BluEarth Renewables

BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 372 MW net (444 MW gross) of nameplate capacity in operation and under construction and over 2,000 MW under development. For more information, visit bluearthrenewables.com or follow us on Twitter, LinkedIn and Facebook.

About Recurrent Energy

Recurrent Energy is a leading utility-scale solar and storage 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 approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.