Canadian Solar Solutions, a wholly-owned subsidiary of Canadian Solar, has completed the sale of the Little Creek solar power plant, for around CAD53m ($48.1m).
The 8.5MWAC Little Creek is the first of four planned solar projects that has been sold to BluEarth Renewables by Canadian Solar, which is located at the town of Napanee in Ontario, Canada.
BluEarth plans to acquire additional three utility-scale solar power plants, totalling 30.5MW, located in Kawartha Lakes, Belleville and Beaverton of Ontario.
The projects are slated to commence operations in the second quarter of 2015.
Canadian Solar chairman and CEO Shawn Qu said the firm has completed the sale and transfer of the first of four solar projects to BluEarth Renewables.
"We continue to focus on higher quality, higher profitability, lower risk projects, which are both attractive to end buyers and give us increased visibility into our business operations beyond 2014," Qu added.
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By GlobalDataBluEarth Renewables president and CEO Kent Brown said the addition of this first solar project to portfolio is an important milestone for the company.
"We look forward to delivery of the remaining three projects and a continued relationship with Canadian Solar moving forward," Brown added.
BluEarth is engaged in the acquisition, development, construction and operation of wind, water, and solar projects in North America, while Canadian Solar has operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia.
