Canadian Solar Inc. (the "Company", or "Canadian Solar") , one of the world's largest solar power companies, announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of two solar power plants in China, totalling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group 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," commented Dr. 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."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs, and operates new energy and conventional energy projects. It operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a listed and state-owned company in China.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 19 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006.