Canadian Solar Inc. (CSIQ) said Thursday it has closed a purchase transaction with SkyPower Global, under which Canadian Solar acquired a majority stake in 16 solar projects from SkyPower.
Each of the 16 solar projects was awarded a 20-year power purchase contract by the Ontario Power Authority. The projects are in the advanced permitting stage and are expected to commence construction in 2013 and be fully operational in 2014, with the capacity to generate over $785 million in revenue.
The aggregate transaction price is approximately $181 million) payable in accordance with certain milestones. A $69 million partial payment for the transaction has been made.
The companies also launched their new international 50:50 joint venture agreement, called CSI SkyPower. The companies said the venture agreement creates a new opportunity leveraging the expertise of Canadian Solar, one of the world's leading solar module manufacturers, and SkyPower, Canada's largest owner and developer of solar power projects.
The international joint venture will operate in Africa, the Middle East and South America. It is expected that the development and construction of these solar power plant projects will bring investment and create jobs in these regions.
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