Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of two solar power plants in China, totalling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB687.1 million (US$99.8 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.
"We are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy. We are well on track to monetize our operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and we look forward to further expanding our strong partnership with them for more opportunities in the future." - Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar