Canadian Solar, a company specializing in solar products, and SkyPower, a developer of solar energy projects, have signed a purchase and joint venture contract to construct and supply solar energy solutions for Ontario and to build up global solar projects in specific markets.
As per the contract, Canadian Solar will obtain a major stake in SkyPower’s 16 solar projects with nearly 190-200 MW DC capacity. Earlier, Ontario Power Authority has awarded an electricity purchase agreement for 20 years to all these projects. Fifteen contracts were provided from Ontario's Feed-In-Tariff Program and one under Ontario's Renewable Energy Standard Offer Program. The construction work is anticipated to begin by 2013 and will become functional from 2014. Canadian Solar may gain more than C$800 million income through these projects.
The agreement helps Canadian Solar to extend its solar projects in Canada and facilitates both companies to expand their footprint worldwide. The projects are anticipated to create employment opportunities in Ontario and will retain Ontario’s position as the green energy leader in North America.
Canadian Solar offers solar products including solar cells. solar modules, wafers, ingots and more solar applications to its customers. It provides solar products for both off-grid and on-grid solar applications. It operates in Europe, Asia, Australia and North America.
SkyPower is involved in financing, developing and operating solar projects from the initial invention stage to the final marketing stage.