Canadian Solar Inc said it will buy majority stake in 16 power projects from SkyPower Ltd for about C$185 million ($184.7 million) as part of its plan to concentrate on smaller utility-scale projects.
The 190-200 megawatt projects, each of which has a 20-year power purchase contract from the Ontario Power Authority, will generate more than C$800 million in revenue for Canadian Solar, the company said in a statement on Tuesday.
Ontario-based Canadian Solar, which on Monday denied reports that China National Offshore Oil Co Ltd was negotiating to buy the solar panel maker, already runs manufacturing facilities in Canada's most populous province that gives generous subsidies to clean energy.
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The 190-200 megawatt projects, each of which has a 20-year power purchase contract from the Ontario Power Authority, will generate more than C$800 million in revenue for Canadian Solar, the company said in a statement on Tuesday.
Ontario-based Canadian Solar, which on Monday denied reports that China National Offshore Oil Co Ltd was negotiating to buy the solar panel maker, already runs manufacturing facilities in Canada's most populous province that gives generous subsidies to clean energy.
Read More
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