BluEarth Renewables Inc has bought Good Light, a 10 megawatt AC solar power plant located in Ontario’s Kawartha Lakes region, for more than $66 million. The seller in the transaction was Canadian Solar Inc, which earlier this year also sold its Little Creek solar power plant to BluEarth for $53 million. Good Light and Little Creek are two 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. It has been a portfolio company of Canadian private equity firms ARC Financial Corp and Teachers’ Private Capital and other investors since 2010.
Canadian Solar Completes the Sale of Good Light Solar Power Plant to BluEarth
GUELPH, Ontario, Aug. 20, 2014 /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., 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.
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 from current expectations. 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 prices; 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 in utility-scale project construction; 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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