Canadian Solar Inc. has completed the sale of its 10-megawatt CityLights project in Chesterville, Ontario to Renewable Energy Trust Ontario Holdings.
Financial details were not disclosed though Canadian Solar said the sale was at a valuation “comparable to other recent project sales completed by Canadian Solar on a per megawatt basis.” The sale is the third of a solar project by Canadian Solar to Renewable Energy Trust Ontario Holdings, also known as RET Capital.
The plant, which uses Canadian Solar’s panels, has a20-year power-purchase agreement with Hydro One under a 20-year Independent Energy Systems Operator feed-in-tariff contract. Canadian Solar provided turnkey engineering, procurement, and construction services, and will further provide operations and maintenance services.
“By purchasing CityLights, we now have a portfolio of more than 40 MW DC of solar assets in Ontario,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. “We look forward to continuing our close working relationship with Canadian Solar in the future as we expand our North American solar network.”