Canadian Solar sells China solar projects to state-owned company for US$32.8M

GUELPH, Ont.—Canadian Solar Inc. has sold off several assets in northeast China to a state-owned Chinese company.

The Ontario-headquartered company said Create Technology & Science Co., which manufactures specialty instruments among other products, has agreed to buy an unspecified number of operating solar power projects in China’s Funing County for approximately US$32.8 million.

“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,” Shawn Qu, the company’s chairman and CEO, said. “We value our partnership with Create Technology & Science and look forward to our continued successful cooperation.”

Located south of Beijing, in Jiangsu Province, Funing is the same region a tornado struck a Canadian Solar facility last month.

The deal is contingent on the approval of Create Technology & Science’s board as well as a pair of other government bodies.