Blackstone spin-out Stonepeak buys PV plant from Canadian Solar


Blackstone spin-out Stonepeak Infrastructure Partners has bought a photovoltaic plant in Ontario from Canadian Solar for C$48m ($48.4m).

The 50,000 panel development supplies power to more than 1,200 homes in the town of Nepanee.

Canadian Solar said it will continue to operate and maintain the site for a 20-year period.

Shawn Qu, CEO and chairman of Canadian Solar, said, “This project marks Canadian Solar’s continued success in the utility-scale solar power development space while furthering Ontario’s goal to provide green energy and green jobs.

“It is a testament to the quality of Canadian Solar’s modules and the proven expertise of our projects team that a strategic company like Stonepeak has chosen the CS1 solar farm as their first investment in the Ontario market.

“We are also very excited to complete our first sale of a Canadian Solar owned solar power project in Ontario.”

Trent Vichie, founding partner of Stonepeak Infrastructure Partners, added, “The Ontario renewables regime represents an attractive investment opportunity and we are excited about partnering with Canadian Solar and AMP Solar Group on this project.

“Canadian Solar Solutions’ projects team has done an excellent job completing this clean energy project and delivering a turnkey package for purchase by Stonepeak.”

Stonepeak Infrastructure Partners was formerly the infrastructure investment division of Blackstone. The firm’s founding partners, Michael Dorrell and Trent Vichie, have invested over $2bn of equity into North American infrastructure investments.

Copyright © 2012 AltAssets