BluEarth Renewables Inc has bought SparkleLight, a 10 megawatt AC solar power plant located in Beavertown, Ontario, for about $66 million. The seller in the deal was Canadian Solar Inc, which in 2014 sold its Good Light and Little Creek solar power plants to BluEarth. SparkleLight, Good Light and Little Creek, which together have cost BluEarth a total of $185 million, are three of four planned solar power asset acquisitions from Canadian Solar. Based in Calgary, BluEarth is a renewable power producer focused on North American wind, water and solar projects. In November 2014, the company received $81 million in follow-on funding from existing Canadian investors ARC Financial Corp and Teachers’ Private Capital.
Canadian Solar Completes Sale of SparkleLight Solar Power Plant to BluEarth
GUELPH, Ontario, Jan. 6, 2015 /PRNewswire/ — 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., completed the sale of SparkleLight, a 10 megawatt (“MW”) AC solar power plant to a subsidiary of BluEarth Renewables Inc. (“BluEarth”). SparkleLight, located in Beavertown, Ontario, is the third of four planned solar power plants being acquired by BluEarth from Canadian Solar. The facility is valued at approximately C$66 million (USD$57 million) and uses Canadian Solar’s CS6X-300/305P modules made in Canada.
“BluEarth is pleased to be expanding our renewable energy portfolio with the addition of the SparkleLight facility. This acquisition brings us one step closer to our goal of $1 billion of high-quality operating assets by 2017,” said Kent Brown, President and Chief Executive Officer of BluEarth. “We value our relationship with Canadian Solar and look forward to continuing that relationship with the delivery of the LunarLight facility next year.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “We are pleased to announce the closing of the third utility-scale solar power plant to BluEarth Renewables, a private independent renewable power producer. The completion of the SparkleLight project highlights Canadian Solar’s position as a global leader in the solar energy solutions space. We look forward to continuing our successful partnership with BluEarth on the final project in the coming months.”
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 8 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.
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, hydro, and solar projects in North America, with a primary focus in Canada. With one of the most experienced renewable energy development teams in Canada, BluEarth’s mission is to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, the 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 www.bluearth.ca.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process delays; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in its forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.
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