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Canadian Solar sells two solar power plants in China

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Staff Writer |
Canadian Solar
Green energy   Approximately 69.5 MWp

Canadian Solar announced that its wholly-owned subsidiary, CSI New Energy Holding, has completed the sale of two solar power plants in China.

Approximately 69.5 MWp was sold to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group for approximately RMB687.1 million ($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."

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