Foresight scores Oz hat-trick
Canadian Solar sells Oakey 2 and interests in Oakey 1 and Longreach plants
Canadian Solar has entered into binding contracts to sell interests in three solar farms totalling 117MW in Queensland, Australia, to Foresight Solar Fund.
Foresight will buy 50% shares in the 17MW Longreach and 30MW Oakey 1 plants and all of the 70MW Oakey 2 facility.
Longreach and Oakey 1 have 20-year off take agreements with the Queensland government and are under construction.
They are expected to be grid-connected in March and September 2018 respectively.
Oakey 2 is scheduled to come online in October next year and will benefit from the sale of power and large-scale generation certificates under the Renewable Energy Target regulatory framework.
Funding for Oakey 1 and Longreach has come from equity provided by Canadian Solar, grants from the Australian Renewable Energy Agency, and senior debt from the Clean Energy Finance Corp and Bank of Tokyo-Mitsubishi UFJ.
The completion of the acquisitions is subject to certain conditions being met including consents from relevant stakeholders, Canadian Solar said.