DIF Infrastructure To Buy Four Solar Power Plants From Canadian Solar

(RTTNews) - Canadian Solar Inc. (CSIQ) Monday said its unit, Canadian Solar Solutions Inc., has entered into a sales agreement with a fund managed by DIF to acquire four utility-scale solar power plants located in Ontario, from Canadian Solar. The value of the deal was not divulged.

The power plants total 40 MWAC at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. Pursuant to the agreement, the four solar power plants, which include BeamLight in Georgina, Gold Light in Pefferlaw, Illumination in Scugog and Glenarmin Kawartha Lakes, Ontario, Canada, are expected to start construction in 2013 and 2014, with commercial operation expected in 2014.

The construciton is also expected to create 400 jobs, and to generate enough emissions-free energy upon completion to power about 7,000 homes. Canadian Solar will provide turnkey engineering, procurement and construction services to build the projects and will provide operations and maintenance services after completion.