Canadian Solar Successfully Sells A Solar Power Project to China
Canadian Solar has successfully sold a solar power project worth as much as US$32.8 million in China.
Canadian Solar has recently issued a press-release announcing that its wholly-owned Chinese subsidiary, CSI Solar Power, has managed to enter into a project sale agreement for approximately US$32.8 million. The projects found in Funing County, Jiangsu Province, Chine were bought by Create Technology & Science Co., Ltd., which is a state-owned company in China.
Chairman and Chief Executive Officer of Canadian Solar, Dr. Shawn Qu commented that they are extremely pleased to announce the sale and transfer of the projects. “This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet,” Dr. Shawn Qu further stated.
Create Technology & Science Co., Ltd
The sale agreement and the transfer of the solar power project will become effective right after Create Technology & Science receives the approval from its board of directors. The company itself primarily engages in the manufacturing of specialty instruments and apparatus. Some of the most major products and services provided by the company are equipment and projects for purification and environment protection. Having this in mind it’s easy to see why the company had interest in the Canadian solar power project. Currently, Create Technology & Science produces power transformation and high voltage insulators, among others, and distributes its products usually within the Chinese domestic market, but also in certain overseas markets.
Canadian Solar Inc.
The Canadian Solar company operates since 2001. It is one of the world’s largest solar power companies. It is also a leading manufacturer of PV modules and provides energy solutions for a number of countries and companies throughout the world. With its geographically diversified pipeline of utility-scale power projects, the company has managed to successfully ship as much as 14 GW of premium quality modules in over 90 countries around the world.
The Solar Power Project Simplified
The gigantic sale for the Canadian Solar company further proves what reports have repeatedly stated. Throughout the past few years, there is a growing trend among investors in solar power. With the growing interest and the ever reduced cost of production of solar power PV panels, it’s quite easy to see how such big deals are starting to take shape. The success of Canadian Solar is probably among the first of many upcoming successful projects.
Constant investment in solar power projects throughout the world is also making a change in Canada. A growing number of Canadian companies, as well as government officials, are starting to see that the switch to solar power is not only necessary, but also profitable. Furthermore, it’s nice to see that the Canadian solar power market is growing. Especially having in mind the fact that Canada is currently one of the most major oil influences and among the top fossil fuel production countries. With the growing success of solar power projects, like the one discussed, it’s easy to see how investments in Canada are starting to turn away from other sources of energy and focusing on renewable energy sources.