Canadian Solar to sell solar projects in China for $33 million
Written By: Stratton Report
July 6, 2016
On July 6, Canadian Solar Inc announced that its subsidiary, CSI Solar Power (China) Inc. will sell operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million ($32.8 million) to Create Technology & Science Co., Ltd.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented:
“We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China. 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. We value our partnership with Create Technology & Science and look forward to our continued successful cooperation.”