Canadian Solar Sells 2 Power Plants to PSEG

Canadian Solar (NASDAQ: CSIQ  ) has scratched two properties off its list of assets. The company announced that its subsidiary, CSI Holdco, sold a pair of solar power plants to PSEG Solar Source, a unit of Public Service Enterprise Group (NYSE: PEG  ) . The terms of the sale were not disclosed.

The two plants, which together total 4.4 megawatts of DC power, are located in Northern California's Shasta County. Combined, they are now known as the PSEG Shasta Solar Farm. Construction was begun this past July, and completed last week. PSEG Shasta is expected to begin commercial operation early next year, and Canadian Solar said the project will utilize nearly 14,600 of its CS6X modules.

PSEG Shasta has a 20-year-long power purchase agreement in place with California utility Pacific Gas and Electric

Lately, Canadian Solar has been actively entering into or closing deals outside of its native country. Earlier this month, it signed an agreement to provide roughly 400,000 of its modules to China's Zhenfa New Energy. 

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8/26/2016 4:00 PM
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