Canadian Solar has announced the completion of several deals in the Asia-Pacific region. They are a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Canadian Solar designs, develops and manufactures solar wafers, solar cells and solar power products.
Canadian Solar is one of the biggest solar power companies in the world but is more of a Chinese company than a Canadian one. As such they have completed some very big solar energy installations around the world.
It is so important to have large competent solar power companies like this that are able to work globally, if we are ever going to be able to replace all of our fossil fuel generation with renewable power. These companies must also be able to work in challenging areas and countries like Iran, Iraq and so many more.
These global solar power projects are not just a means to combat climate change, as if that is not enough by itself, but also solar power is creating hundreds of thousands of good paying jobs along the way.
Sale of Three Solar Power Plants in China
Canadian Solar announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of three solar power plants in China, totaling 44.3 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd.
The transaction was closed on December 29, 2017 and the Company expects to recognize revenue from the sale of the plants for the fourth quarter of 2017.
The Company also announced that the Oakey 2 Solar Farm in Queensland, Australia has reached financial close with the Clean Energy Finance Corporation (CEFC) for a facility commitment of approximately A$55 million (US$42.8 million). The project has a capacity of 70 MWp and is part of the aggregate 117 MWp solar portfolio sale to Foresight Solar Fund Limited (“FSFL”).
CEFC has provided non-recourse project finance to Canadian Solar across each of its Oakey 1 Solar Farm, Longreach Solar Farm and Oakey 2 Solar Farm projects in Queensland, Australia. Longreach Solar Farm and Oakey 1 Solar Farm, each holding 20-year off-take agreements with the Queensland Government, are in late-stage construction and will reach the grid connection in March and August 2018, respectively. Both the Oakey 1 and Oakey 2 solar farms will be connected to the Queensland power grid through a shared transmission line, funded within the innovative financing facility from CEFC.
“We are pleased to partner with FSFL and the CEFC on extending our integrated business across the solar value chain in Australia’s clean energy sector,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “With a pipeline exceeding 1,000 MW of early to late-stage developments across four states (Queensland, New South Wales, Victoria and Western Australia), we continue to commit to a sustainable clean energy future for Australia.”
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.