Canadian Solar Completes Sale of Two Solar Power Plants in China to Shenzhen Energy

Advertisment

Canadian Solar’s subsidiary, CSI New Energy completed sale of two solar power plants in China, totaling approximately 69.5 MWp

Canadian Solar Inc., one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy has completed the sale of two solar power plants in China, totaling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd. for approximately RMB687.1 million (US$99.8 million). The transaction was closed in March 2017 and the Company expects to recognize revenue from the sale of the plants when all revenue recognition criteria have been met.

"We are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy," said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "We are well on track to monetize our operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and we look forward to further expanding our strong partnership with them for more opportunities in the future."