BlackRock purchased a 68MW solar power project in Aguascalientes, Mexico from Canadian Solar Inc. The project was purchased by Blackrock’s Infrastructure Fund II and financial terms were not disclosed.
(PE HUB) Canadian Solar Inc (Nasdaq: CSIQ) has sold its Aguascalientes solar power project in Mexico to a fund managed by BlackRock Infrastructure.
No financial terms were disclosed.
Canadian Solar developed, arranged construction and financing, built and energized the 68 megawatt-peak project in January. It is expected to generate 145 gigawatt hours of electricity annually.
The Guelph, Ontario-based solar power company said it has a remaining Mexican pipeline of more than 600 megawatt-peak solar projects at various stages of development.
PRESS RELEASE
Canadian Solar Completes Sale of Aguascalientes Solar Project to BlackRock
GUELPH, Ontario, and MEXICO CITY, May 23, 2019 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced it has completed the sale of its 68 MWp Aguascalientes solar project in Mexico to BlackRock Infrastructure Fund II.
Canadian Solar developed, arranged construction and long-term project financing, built and energized the project in January 2019. Powered by 200,000 Canadian Solar high-efficiency poly modules CS6U-P, the solar power plant is expected to generate 145 GWh of electricity annually, enough to power 20,690 households and offset 72,700 tons of carbon dioxide emission each year. The electricity generated will be sold under a 15-year power purchase agreement for energy and capacity, and 20-year for Clean Energy Certificates with Mexico’s state-owned utility. Canadian Solar will provide operations and maintenance services to the plant, starting in the third year of operations.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, “The Aguascalientes project demonstrated Canadian Solar’s capabilities to take a utility-scale solar project through the full cycle of development, PPA award, financing, construction and sale, and it further strengthened our leading position in the solar energy market in Mexico. We have a remaining pipeline of more than 600 MWp of solar projects in the country at various stages of development, including 368 MWp with awarded power purchase agreements. We are very glad to have partnered again with a leading global investor such as BlackRock, following the sale of three Canadian Solar projects in Ontario to BlackRock in 2014.”
“This acquisition reflects BlackRock’s commitment to investing in Mexican infrastructure, on behalf of our clients, as well as the firm’s focus on renewable energy projects globally, having supported over 250 wind and solar projects,” said Juan Alberto Leautaud, Head of BlackRock’s Mexico Infrastructure Investment Group.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world’s largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.