Canadian Solar Inc. announced it has entered into an agreement with Photon Energy NV to co-develop five utility-scale solar power projects, with a total capacity of 1.14GWp in New South Wales, Australia.
Canadian Solar will acquire a 51% shareholding in each of Photon Energy's five project companies in Australia that carry a total of 1.14GWp of projects. The portfolio of projects includes the 316MWp project in Gunning which is fully owned by Photon Energy, as well as four projects co-developed by Photon Energy with Polpo Investment, namely the 178MWp project in Mumbil, the 165MWp project in Gunnedah, the 286MWp project in Suntop and the 196MWp project in Maryvale.
"This transaction represents an exciting moment for the Photon Energy Group with our long-term commitment to the Australian market bearing fruit. This cooperation marks a tangible achievement of the entire team in Australia who have gained the trust of a leading global player in the solar industry such as Canadian Solar," commented Georg Hotar, CEO of Photon Energy NV.
"Canadian Solar is delighted to partner with Photon Energy and bring 1.14GWp into the Australian market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "As a very active developer for solar power plants in Australia, we will continue to strengthen our leading position in the market by partnering with Photon Energy."