Foresight scores Oz hat-trick

Canadian Solar has entered into binding contracts to sell interests in three solar farms totalling 117MW in Queensland, Australia, to Foresight Solar Fund.

Foresight will buy 50% shares in the 17MW Longreach and 30MW Oakey 1 plants and all of the 70MW Oakey 2 facility.

Longreach and Oakey 1 have 20-year off take agreements with the Queensland government and are under construction.

They are expected to be grid-connected in March and September 2018 respectively. 

Oakey 2 is scheduled to come online in October next year and will benefit from the sale of power and large-scale generation certificates under the Renewable Energy Target regulatory framework.

Funding for Oakey 1 and Longreach has come from equity provided by Canadian Solar, grants from the Australian Renewable Energy Agency, and senior debt from the Clean Energy Finance Corp and Bank of Tokyo-Mitsubishi UFJ. 

The completion of the acquisitions is subject to certain conditions being met including consents from relevant stakeholders, Canadian Solar said.

Image: Pixabay