U.S. investment firm buys CS1 in Napanee, Ont., for $48 million.
GUELPH, ONT.—Canadian Solar Inc., announced today it has completed the sale of a utility-scale solar power plant near Napanee, Ont., to New York-based venture capital firm, Stonepeak Infrastructure Partners, for $48 million.
The plant, dubbed Canadian Solar 1, or CS1 for short, is comprised of about 50,000 Canadian Solar CS6M modules and is now connected to the Ontario power grid; it produces enough energy to power more than 1,200 homes.
“This project marks Canadian Solar’s continued success in the utility-scale solar power development space while furthering Ontario’s goal to provide green energy and green jobs,” said Dr. Shawn Qu, CEO and chairman of Canadian Solar.
“It is a testament to the quality of Canadian Solar’s modules and the proven expertise of our projects team that a strategic company like Stonepeak has chosen the CS1 solar farm as their first investment in the Ontario market. We are also very excited to complete our first sale of a Canadian Solar owner solar power project in Ontario.”
Canadian Solar has signed a 20-year contract to provide maintenance and operations services for CS1.
Stonepeak, focuses on lower-risk infrastructure investments in areas such as energy, utilities, and power and was formerly the infrastructure investment arm of the Blackstone Group. CS1 was built in conjunction with, AMP Solar Group Inc., a Port Credit, Ont.-based solar power developer. AMP also helped finance the acquisition along with The Manufacturers Life Insurance Company.
“The Ontario renewables regime represents an attractive investment opportunity and we are excited about partnering with Canadian Solar and AMP Solar Group on this project,” said Trent Vichie, Stonepeak founding partner.