Canadian Solar Inc. (CSIQ), the third-best performing solar panel maker in the past year, sold a 10-megawatt power plant in Ontario to Concord Green Energy Inc.
Concord, an affiliate of Vancouver-based real estate developer Concord Pacific Developments Inc., bought the Val Caron project in Greater Sudbury, valued at more than C$60 million ($56.4 million), Guelph, Ontario-based Canadian Solar said today in a statement. Terms weren’t disclosed.
Val Caron is the first of five planned solar project sales to Concord, Canadian Solar’s Chairman and Chief Executive Officer Shawn Qu said in the statement. The company has two plants in Ontario with a combined capacity to produce 500 megawatts of panels a year.
Canadian Solar has a backlog of more than 570 megawatts of large-scale projects in Canada, with 116 megawatts of projects sold in Ontario, Qu said.
JinkoSolar Holding Co. (JKS) and SunEdison Inc. outperformed Canadian Solar’s stock over the past 12 months.
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