Canadian Solar offloads four solar projects for $217m

Solar power giant Canadian Solar has offloaded its four solar power projects for C$225m ($217.2m) by forging a sales agreement with BluEarth Renewables.

The agreement was executed by Canadian Solar’s subsidiary Canadian Solar Solutions. The four projects totaling capacity of 38.5MWac are located in Kawartha Lakes, Belleville, Beaverton and Napanee, Ontario, Canada.

Canadian Solar will overlook engineering, procurement and construction (EPC) services for all four solar projects. The construction of the facilities is expected to begin in 2013, with commercial operations scheduled to commence in 2014.

BluEarth president and CEO Kent Brown stated that the projects are a significant addition to its renewable energy portfolio, helping the company to attain its $1bn goal of securing long-term contracted renewable energy plants.

“We look forward to continuing our relationship with Canadian Solar both in the delivery of these high-quality projects and on potential future projects,” added Brown.

The power output from the projects, enough to power 6,878 homes, has been procured by Ontario Power Authority through a 20-year power purchase agreement.