Canadian Solar acquires 51% stake in five Photon Energy projects

Chinese module maker and project developer Canadian Solar has acquired a 51% stake in project pipeline of five utility scale solar farms in New South Wales. The projects, which are at an early stage, were initiated by Netherlands-based Photon Energy NV.

Canadian Solar has been a participant in Australian project development.

Image: Canadian Solar

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Canadian Solar is increasing its project development presence in NSW with a majority acquisition of a pipeline of PV power plants worth some 1.14 GW.

The projects are the 316 MW Gunning, 286 MW Suntop, 196 MW Maryvale, 178 MW Mumbil, and the 165 MW Bunnedah.

Photon Energy claims to have developed 50 MW of solar farm projects across five countries, and provides O&M for an 80 MW fleet. It has published expected construction dates for two of the projects in which Canadian has acquired a majority stake, Gunning and Suntop projects – Q4/2018 and Q2/2019

“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 in a statement.

Of the five projects Photon hopes to develop, only Gunning is fully owned by the company. The remaining four are being co-developed by Photon Energy with Sydney based Polpo Investment.

Canadian Solar was likely looking to purchase a new pipeline of Australian projects after having sold three solar farms, worth 117 MW, to the Foresight Solar Fund in October 2017. The three projects, the Longreach Solar Farm, Oakey 1 Solar Farm, and Oakey 2 Solar Farm are all scheduled for completion this year.

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