Photon Energy and Canadian Solar enter co-development deal

Solar power companies Photon Energy and Canadian Solar have signed an agreement for the joint development of five utility-scale solar projects with a total capacity of 1.14 GWp. Photon’s utility-scale solar project pipeline is said to be the largest in Australia, with the five projects in question based in NSW.

Canadian Solar will now co-develop five projects with the company, including the fully owned 316 MWp project in Gunning. The other four projects were co-developed with Polpo Investments, namely the 178 MWp project in Mumbil, the 165 MWp project in Gunnedah, the 286 MWp project in Suntop and the 196 MWp project in Maryvale. Canadian Solar will acquire a 51% shareholding in all five project companies.

Photon Energy will continue to manage the development phase of each of the five solar farms, with the support of Canadian Solar. The equity capital contributed by Canadian Solar is subject to certain development milestones, joint management processes and other terms customary for project co-development and covers the development budgets to bring all five projects to the ready-to-build stage.

Post-transaction, Photon Energy will retain a 49% shareholding in the Gunning project and 24.99% shareholdings in the four other projects. Polpo Investments will retain the balance of the shares in these projects.

“Canadian Solar is delighted to partner with Photon Energy and bring 1.14 GWp into the market,” said Canadian Solar Chairman and CEO Dr Shawn Qu.

“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.”

Photon Energy Managing Director Michael Gartner described Canadian Solar as “the highest quality partner with experience developing solar farms in Australia”, stating that the company researches and manufactures “some of the best photovoltaic technology in the world”.

“Australia is entering an exciting period where solar power will make a major contribution to national electricity needs,” he said. “Photon Energy will make a significant contribution to developing solar generation to boost supply quickly, and then to operate and manage solar farms to deliver affordable electricity to homes and businesses across the country.”

Image credit: ©stock.adobe.com/au/rcfotostock