Canadian Solar has sold to an affiliate of DIF Infrastructure III the 10MW AC Illumination solar plant in Scugog in Ontario.
The plant, valued at C$65.9m consists of approximately 47,448 Canadian Solar MaxPower CS6X-300/310P PV modules.
It reached commercial operation on 13 November and will sell electricity througha 20-year Independent Electricity System Operator feed-in-tariff contract.
Canadian Solar chairman and chief executive officer Shawn Qu said: “We are pleased to announce the sale of Illumination LP to DIF. This marks the third transaction closed between Canadian Solar and DIF, and we thank them for their continued partnership.”
Canadian Solar has also raised a final tranche of $80m under a previously announced two-year senior secured term loan arranged by Credit Suisse Singapore.
The company said the new finance brings the total facility to $180m.
Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share.
The warrants will expire two years from the date of the closing, on 10 December 10, 2017.
The term loan is being used for general corporate purposes, the company said.
Canadian Solar chairman and chief executive officer Shawn Qu said: “We are pleased with the positive outcome of this transaction and we appreciate the confidence of the lenders in our business.
“The buildout of our high value solar project pipeline in the US as well as other markets is proceeding according to plan, positioning us well to create lasting value for our shareholders in the quarters ahead.”
Image: Canadian Solar
