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Canadian Solar to sell interests in 3 Australian solar farms to Foresight Solar

Canadian Solar Inc. entered into binding agreements to sell interests in three solar projects in Queensland, Australia, with total capacity of 117 MW to U.K.-headquartered private equity investor Foresight Solar Fund Ltd.

Foresight Solar Fund will acquire a 49% stake in the 17-MW Longreach and 30-MW Oakey 1 solar facilities and a 100% interest in the 70-MW Oakey 2 solar project, according to an Oct. 16 release.

Oakey 1 and Longreach are under construction and are expected to come online in March 2018 and September 2018, respectively, and hold 20-year offtake agreements with the Queensland government. Oakey 2 is expected to connect to the grid in October 2018 and will benefit from the sale of power and large-scale generation certificates under the Renewable Energy Target regulatory framework.

Canadian Solar received $50 million in five-year term, non-recourse project financing for two of its solar power plants in Australia from the Bank of Tokyo-Mitsubishi UFJ Ltd. and Clean Energy Finance Corp.

The deal completion is subject to certain closing conditions being met including consents from relevant stakeholders.