Canadian Solar Sale its Two Solar Power Plants to Shenzhen Energy

Canadian Solar Inc. announced that its subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of it 69.5 MWp, two solar power plants of China to SHENZHEN Energy Nanjing Holding Co., Ltd for US$99.8 million (approximately RMB687.1 million). The transaction was closed in March 2017 and the Company expects to recognize revenue from the sale of the plants when all revenue recognition criteria have been met.

Chairman and Chief Executive Officer of Canadian Solar, Dr. Shawn Qu commented that they are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy. Shenzhen Energy are well on track to monetize Canadian operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and they look forward to further expanding their strong partnership with them for more opportunities in the future.