Canadian Solar to acquire a 51% stake in five Australian solar projects
Canadian Solar has announced it is investing in five solar projects in New South Wales, Australia, adding to its investment footprint in the country’s growing renewable energy space.
In partnership with Photon Energy, Canadian Solar will develop sites at Gunning, Mumbil, Gunnedah, Suntop and Maryvale, which together will provide a capacity of 1.14GWp.
It is taking a majority 51% stake in all five projects, with Photon retaining a 49% stake in the Gunning project and 24.99% in the others.
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Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: “Canadian Solar is delighted to partner with Photon Energy and bring 1.14 GWp into the market. 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.”
This is the first of several recent investment announcements in Australia’s solar industry. In December, the Clean Energy Finance Corporation revealed it is investing $207mn into expanding capacity at solar farms in Queensland and Victoria, helping it to pass 1GW of projects it has supported.
This time last year, US company First Solar was awarded the module supply contract for the 140MW Sun Metals Solar Farm, said at the time to be the largest solar project in Australia.
Canadian Solar is a keen investor in Australia, and over the past 16 years has successfully delivered over 25GW of modules to over 100 countries around the world.
Georg Hotar, CEO of Photon Energy NV, added: “This transaction represents an pivotal 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 will now be working with Canadian Solar to develop Australia’s largest solar pipeline.”