Photon, Canadian Solar swap project rights in 580 MWp of Aussie solar
- Solar power programmers Photon Energy NV (WSE: PEN) and Canadian Solar Inc (NASDAQ: CSIQ) have exchanged rights to 580 MWp of solar projects they partnered on in Australia.
Amsterdam-based Photon on Tuesday said it took Canadian Solar's 51% risk in the 160-MWp Maryvale system and currently possesses 65% passion in the project.
In exchange, Canadian Solar got Photon's 49% risk in the 220-MWp Gunning and a 25% stake in the 200-MW Suntop2 solar projects and will certainly manage their additional advancement.
Of the three, the Maryvale project remains in the furthest phases of growth, Photon stated.
Sited in the New South Wales Central-West Orana Renewable Energy Zone, Maryvale has advancement authorization in position. Going forward, Photon will certainly develop the project separately and work with a local companion, which still has the remaining 35% stake and also will remain on board as part of the deal with Canadian Solar.
"With an increased 65% stake in the project, we have maximised our worth as well as the capability to engage in post-development tasks, such as EPC and O&M," said Michael Gartner, taking care of supervisor of Photon Energy Group, Australia and also CTO of Photon Energy Group.
Photon anticipates to invest the following six months working with the preliminary style as well as grid link research studies for Maryvale, as well as protect a connection arrangement within year, it claimed.
Photon Energy and Canadian Solar previously partnered as co-developers of the 189-MWp Suntop1 as well as the 150-MWp Gunnedah solar projects in Australia. After the growth was finalised, Photon marketed its shares in these projects to Canadian Solar, which then launched building activities.
