Canadian Solar sells Sault Ste. Marie, Ont. solar farms to Fengate for $257M
The solar power company will continue operating the farms on behalf of the investment firm
TORONTO—Canadian Solar Inc., a Guelph-based solar power company, announced Feb. 6 that it has completed the sale of three solar farms in Sault Ste. Marie, Ont. to Fengate Real Asset Investments, a Toronto-based investment firm, for $257 Million.
The Sault Ste. Marie Portfolio has a combined capacity of 59.8 megawatts.
The transaction closed on Feb. 1.
Canadian Solar will continue to operate the farms on behalf of Fengate as part of an operating and maintenance agreement and will provide on-site technicians.
“We are delighted to announce the successful sale of three additional solar power plants,” said Shawn Qu, chairman and CEO of Canadian Solar. “We value our partnership with Fengate and look forward to deepening our cooperation while we continue to monetize our solar power plants in other countries.”
“Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry,” said George Theodoropoulos, Fengate’s managing director of Infrastructure for North America.
Fengate’s renewable energy portfolio includes solar, wind, hydro and biomass projects in Canada, the United States and the United Kingdom.
The investment in the Sault Ste. Marie solar assets brings Fengate’s solar capacity in Ontario to 105 megawatts, and represents the company’s largest power investment to date.