Canadian Solar Completes the Sale of Glenarm Solar Power Plant

Canadian Solar

Canadian Solar Inc.  (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced the sale of the 10 MW AC Glenarm solar power plant (“Glenarm”) to an affiliate of DIF Infrastructure III (“DIF”). This solar power plant is valued at over C$60 million (US$49 million) and utilizes Canadian Solar’s CS6X photovoltaic (PV) modules. The Glenarm plant will sell electricity pursuant to a 20-year Ontario Power Authority feed-in-tariff contract.  The project reached commercial operation in November 2014.

The closing of this sale represents the first of four solar projects (Glenarm, Illumination, Beamlight, and GoldLight) that will be acquired by DIF. Construction and term financing for the project was provided by Natixis NY Branch, Rabobank Nederland NY Branch and NordLB.

“The Glenarm power plant further expands Canadian Solar’s contribution to the adoption of solar energy in North America,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Canadian Solar is especially pleased to work with DIF, given DIF’s dedication and experience with renewable energy projects on a global basis.”

“DIF, with over 300 MW of solar projects under management in North America and Europe, is pleased to announce the closing of the transaction. DIF’s partnership with Canadian Solar provides another high quality solar project to our growing renewable energy portfolio in North America and Europe,” said Paul Huebener, Head of Americas for DIF.

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This post was prepared by Solar Thermal Magazine staff.