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Canadian Solar acquires 24MW power projects in Ontario

CTBR Staff Writer Published 02 January 2013

Photovoltaic module developer Canadian Solar has acquired a majority stake in two utility-scale power projects in Ontario from SunEdison that have a total installed capacity of 24MW.

The transaction also allows Canadian Solar the option to acquire two additional power projects in the region with capacity of 22.5MW at a later date.

A fifth utility-scale project, with an unspecified capacity, is also part of the mix.

Each of the five projects is under a 20-year power purchase contract with the Ontario Power Authority inked under the region's Feed-In-Tariff Program.

Construction of the two acquired projects will begin in early 2013 and with the operational date set for the end of the year.

The two projects have already secured the requisite Renewal Energy Approvals while the other projects are currently in advanced permitting stage.

Construction of the additional projects will commence in early to mid-2013 and they will be fully operational by late 2013 or early 2014.