Canadian Solar Inc. reduced the nonrecourse project debt on its balance sheet by about $172.2 million with the sale of its 142-MWp solar portfolio in the United Kingdom to Greencoat Capital II LLP.

"This transaction demonstrates our continuing ability to monetize our assets effectively and maximize shareholder return," Canadian Solar Chairman and CEO Shawn Qu said in a Feb. 22 statement.

The portfolio was valued at about $267.8 million, net of $5.4 million of distributions made prior to deal closing. The portfolio consists of 24 operational solar facilities across England, Wales and Scotland and is expected to provide revenues for a 20-year period under the U.K.'s renewable obligation certificate and feed-in tariff schemes.

The Canada-based solar power company said it will provide operations and maintenance services for all the facilities.

Greencoat Capital II is managed by Greencoat Capital LLP.