Canadian Solar Inc. (CSIQ) announced that it has sold the 10-megawatt (MW) alternating current (AC) solar power plant, Glenarm, to an affiliate of Dutch Infrastructure Fund (DIF) Infrastructure III for $49 million (C$60 million). The solar farm is located at Kawartha Lakes, Ontario, Canada. The solar farm commenced operations in Nov 2014.
DIF, an independent fund management entity, offers investors access to high-quality infrastructure through committed investment funds. DIF Infrastructure III was initiated in Jan 2012. The fund generally invests in public-private partnership ventures, renewable energy projects and other infrastructure ventures, with aims to generate attractive returns. The main target regions for DIF Infrastructure III include the UK, the Netherlands, Belgium, France, Germany, Scandinavia and Canada. DIF currently has over 300 MW of solar projects in North America and Europe under construction.
The latest transaction is part of a deal for the sale of four solar projects, signed in Nov 2013, between Canadian Solar and DIF. Per the agreement, DIF will acquire a total of 40-MW AC utility-scale solar power plants in Ontario, Canada from Canadian Solar. The company will subsequently sell the three remaining solar farms – Illumination in Scugog, Beamlight in Georgina and GoldLight in Pefferlaw – to DIF.
The output of the Glenarm solar project will be sold to the Ontario Power Authority under a 20-year feed-in-tariff contract.
Canadian Solar has installed CS6X photovoltaic modules at the Glenarm farm. CS6X demonstrates superior power output and system reliability. The module cuts current transmission paths between cell fingers, reduces cell series resistance and improves module conversion competence.
Canadian Solar continues to maintain a stable order book. The company recently sold the 10-MW AC SparkleLight solar plant to a subsidiary of BluEarth Renewables Inc. and two 10-MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC.
Apart from strengthening its footprint in Canada, Canadian Solar continues to expand its operations in the U.S., China, Brazil, Japan and other emerging solar markets. These initiatives are helping the company to diversify its revenue stream.
Other players in the solar industry include Enphase Energy, Inc. (ENPH), JA Solar Holdings Co., Ltd. (JASO) and STR Holdings, Inc. (STRI).
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