SYDNEY--(Business Wire)-- First Solar, Inc. (Nasdaq: FSLR) today welcomes the news that Genex Power Limited (ASX: GNX, Genex Power) has achieved financial close for the Kidston Phase One Solar Project in Queensland, Australia. First Solar will supply 63 megawatts (MW)dc of advanced thin-film photovoltaic (PV) modules to the project which will produce approximately 145,000 megawatt-hours of electricity in its first year of operation. The project is located next to the proposed Kidston Pumped Storage Project and in an industry first, Genex Power will seek to integrate solar generation with a pumped hydroelectricity energy storage system.
"As Australia continues to diversify its renewable energy portfolio, this project is an excellent example of the potential of large-scale solar application and industry best practice," said Ewan Norton-Smith, First Solar's Senior Manager for Business Development in Australia. "The combination of solar energy with pumped-storage hydroelectricity will allow for increasing penetration of renewable energy into the grid and will contribute to the stability of supply in the National Electricity Market. Genex Power is at the forefront of this emerging industry, and with several compelling Australian projects on the horizon, we're proud to be supporting phase one of the project."
Situated 270 kilometers north-west of Townsville in far north Queensland, the first phase of the project will use more than 540,000 First Solar thin-film PV modules. First Solar technology has a higher energy yield in hot and humid climates due to its lower temperature coefficient and over the course of a plant's operational life will translate to substantial gains in power output. First Solar modules have been used in more large-scale projects in Australia than any other PV manufacturer, and this project further cements First Solar's position as the country's leading PV technology supplier to the large-scale solar sector.
"Genex Power is pleased to confirm the appointment of First Solar as its PV module supplier for the Kidston Solar Project. First Solar has an excellent track record of delivering large-scale solar projects in Australia with their world-leading thin-film PV technology, and the company is a welcome addition to the strong delivery team Genex Power has assembled for this exciting project," said Michael Addison, Genex Power's Managing Director. "The combination of First Solar's thin-film modules, single-axis tracking technology and the excellent local solar resource in Queensland will give our project the highest chance of achieving a record solar capacity factor in Australia."
The electricity from the Kidston Phase One Solar Project will be sold via a Power Purchase Agreement supported by the Queensland Government. The project is also supported by $8.9 million of Commonwealth Government funding through the Australian Renewable Energy Agency.
Construction of the project will be managed by UGL Engineering Pty Ltd. and is on schedule to commence in the first half of 2017.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
Canadian Solar Completes Sale of 3 Utility-Scale Solar Plants to Fengate Real Asset Investments
GUELPH, Ontario, Feb. 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has completed the sale of the outstanding shares of 3 utility-scale solar farm holding companies, SSM 1 Solar ULC, SSM 2 Solar ULC, and SSM 3 Solar ULC, totaling 59.8 MW AC ("SSM Portfolio") to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments ("Fengate") for over CAD257 Million (USD195.32 Million). The transaction was closed on February 1, 2017 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the first quarter of 2017.
The SSM Portfolio is located in Sault Ste. Marie, Ontario, Canada. As part of the deal, Fengate will take over the outstanding debt from Norddeutsche Landesbank Girozentrale and Canadian Solar will provide operations and maintenance services and asset management services.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to announce the successful sale of 3 additional solar power plants. To this point, we have sold all of our operating plants of 100 MWdc in Canada, including the BeamLight and Alfred projects sold in December 2016. We value our partnership with Fengate and look forward to deepening our cooperation while we continue to monetize our solar power plants in other countries."
"The Sault St. Marie solar portfolio is fully-contracted with a strong operating record," stated George Theodoropoulos, Fengate's Managing Director of Infrastructure for North America. "Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About Fengate Real Asset Investments
Fengate is a real asset investment firm that specializes in investment funds with a strategic focus on infrastructure, real estate and private equity. The firm has over $2.9 billion in assets under management with significant experience in Public-Private Partnerships, independent power projects, operating infrastructure assets and real estate developments. Fengate targets high quality investments across North America, Europe and Australia. Fengate has been one of "Canada's Best Managed Companies" since 2007.