Canadian Solar Inc. announced its subsidiary Recurrent Energy, LLC has finalized the sale of its interests in three solar photovoltaic projects totaling 235MWac/309MWp. The Korea Electric Power Corporation ("KEPCO") with an installed capacity of 79GW, acquired the interests in the Astoria (100MWac/131MWp), Astoria 2 (75MWac/100MWp), and Barren Ridge (60MWac/78MWp) projects located in southern California.
"These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio," said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. "We expect further cooperation with Canadian Solar and are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market."
"Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "The Recurrent Energy team continues to create value through deals with world-class investors that monetize our quality U.S. solar project assets."