Canadian Solar sells two utility scale solar power plants to BlackRock

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BlackRock acquires two utility-scale solar power plants totaling 20MW from Canadian Solar. The two plants are located in Demorestville and Odessa, Ontario, Canada, and commercial operation is expected in Q4 2013 and Q2 2014, respectively. The plants will power approximately 3,340 homes.

BlackRock has acquired two utility-scale solar power plants totaling 20MW from Canadian Solar, at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. The two plants purchased by BlackRock are located in Demorestville and Odessa, Ontario, Canada.

Construction of the solar power plants started in Q1 and Q3 2013, with commercial operation expected in Q4 2013 and Q2 2014, respectively. Canadian Solar is providing turnkey engineering, procurement, and construction (EPC) services to complete the projects and will provide operations and maintenance (O&M) services after completion.

The two plants will power approximately 3,340 homes and provide emissions free energy to Ontarians over their 20-year operational period covered under the Ontario Power Authority contracts.

Jim Barry, Managing Director at BlackRock, commented: “We are pleased to have invested in the Canadian solar energy sector and in particular the projects in Demorestville and Odessa. We look forward to developing our relationship with such a high quality asset developer as Canadian Solar.”

The two plants will power approximately 3,340 homes and provide emissions free energy to Ontarians over their 20-year operational period covered under the Ontario Power Authority contracts.

The two utility-scale solar plants will include approximately 95,890 Canadian Solar CS6X modules, which are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. In addition, Canadian Solar’s product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors and project owners.