PVTIME - Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that it has completed the sale of two flagship solar farms, Suntop and Gunnedah, totaling 345 MWp in New South Wales, Australia, to CalEnergy Resources (Australia) Limited ("CalEnergy"), a subsidiary of Northern Powergrid Holdings Company.
The two projects have long-term offtake agreements with a global leading technology company and will help support corporate decarbonization efforts. The projects have reached substantial completion and are expected to generate over 700,000 MWh of green electricity annually. This is equivalent to avoiding more than 450,000 tonnes of CO2-equivalent emissions annually or taking approximately 100,000 cars off the road each year.
In addition to the sale of these projects, Canadian Solar and CalEnergy also entered into a multi-year development services agreement that provides a framework for the companies to continue to work together to build out Canadian Solar's growing renewable energy pipeline in Australia.
"We are delighted to work with CalEnergy in Australia to grow their renewable energy portfolio. The sale of these projects in New South Wales paves the way for a strong collaboration between our respective companies. In Australia, we have now brought seven development projects to NTP (notice-to-proceed) and beyond, and continue to develop and grow our multi-GW solar and storage pipeline. I look forward to continuing to contribute to Australia's decarbonization and renewable energy growth ambitions." said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.