Canadian Solar Inc.\u00a0(the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced its wholly owned subsidiary\u00a0Recurrent Energy, LLC\u00a0(“Recurrent Energy”) has finalized the sale of its interests in three solar photovoltaic projects totaling 235 MWac\/309 MWp. The\u00a0Korea Electric Power Corporation\u00a0(“KEPCO”),\u00a0South Korea’s\u00a0largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac\/131 MWp), Astoria 2 (75 MWac\/100 MWp), and Barren Ridge (60 MWac\/78 MWp) projects located in southern California.<\/p>\n
This transaction marks KEPCO’s largest investment in the U.S. solar market. KEPCO partnered with the\u00a0Corporate Partnership Fund, a Korean private equity fund also known as\u00a0COPA Fund, to make the acquisition.<\/p>\n
“These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio,” said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. “We expect further cooperation with\u00a0Canadian Solarand are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market.”<\/p>\n
Recurrent Energy developed the three projects, all of which reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role. Additional details on the three projects are available at\u00a0recurrentenergy.com\/portfolio<\/a>.<\/p>\n “Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend,” said\u00a0Shawn Qu, chairman and chief executive officer of\u00a0Canadian Solar. “The Recurrent Energy team continues to create value through deals with world-class investors that monetize our quality U.S. solar project assets.”<\/p>\n BofA Merrill Lynch and Scotiabank Global Banking and Markets acted as financial advisors to Recurrent Energy on the transaction.<\/p>\n