Canadian Solar announced that its wholly owned subsidiary, CSI Solar Power (China) has entered into a project sale agreement with Create Technology & Science to sell Canadian Solar’s operating solar power projects in Funing County, Jiangsu Province for approximately RMB218.5 million (US$32.8 million).
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, commented, “This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet.”
This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
As per the Q1 result, Canadian Solar owns 2.1 GWp of late-stage, utility-scale solar project pipeline of which 150 MWp are in China.
Apart from the Americas, Canadian Solar also focus on Asian market. The company has invested heavily in Japan. Earlier this year, the company started the operation of three PV plants in Japan, with a total capacity of approximately 6.2 MWp.