Canadian Solar Completes Sale of Two Utility Solar Power Plants to Renewable Energy Trust Capital

Canadian Solar Completes Sale of Two Utility Solar Power Plants to Renewable Energy Trust Capital

Visit http://www.canadiansolar.com for further information

“We are pleased with the sale of these two plants to Renewable Energy Trust Capital, and we look forward to closing the sale of the third plant in early 2015,”

Submitted on 12/29/14, 03:29 PM

GUELPH, Ontario, Canada, December 29, 2014 – Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC (RET Capital), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. These two plants utilize Canadian Solar’s CS6X-305P modules, and are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET Capital, for a total of 40.9 MW DC.

DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. The electricity generated by these two power plants, both currently in commercial operation, will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract.

Canadian Solar provided turnkey engineering, procurement and construction services, and will also provide operations and maintenance services. A third 10 MW AC power plant (“CityLights”) is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation.

“We are pleased with the sale of these two plants to Renewable Energy Trust Capital, and we look forward to closing the sale of the third plant in early 2015,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This transaction underscores the successful execution of our business plan in Ontario, as well as our proven track record as a leading project developer on a global scale.”

“The good work we have done with our friends at Canadian Solar means we will be able to bring clean and cost-effective energy to Ontario households for years to come,” said John A. Bohn, chief executive officer and chairman of RET Capital. “We are pleased to announce this 40.9 MW DC deal and look forward to identifying and engaging similarly strategic opportunities in the new year.”

About Canadian Solar Inc.
Founded in 2001 in Ontario, 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 has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.

About Renewable Energy Trust
RET (Renewable Energy Trust) Capital is a privately held company that makes sponsor equity investments in solar PV power generation facilities. RET Capital works closely with its Asset Partners- project developers, EPC providers, IPPs, and utilities- to acquire projects with long-term contracted cash flows. The RET team endeavours to help our Asset Partners meet their objectives through innovative structuring and design of portfolio acquisition and joint ownership opportunities. For more information, please visit www.renewabletrust.com.

Canadian Solar Completes Sale of Two Utility Solar Power Plants to Renewable Energy Trust Capital

CEFIA Announces Sale of Commercial Property Assessed Clean Energy Benefit Assessment Liens

ROCKY HILL, Conn., May 19, 2014 /PRNewswire/ – The  Clean Energy Finance and Investment Authority  (CEFIA), Connecticut’s green bank, and  Clean Fund , a specialty Property Assessed Clean Energy (PACE) finance provider, today announced the securitization of a portfolio of CEFIA-financed Commercial Property Assessed Clean Energy transactions. The sale, which will fund a total portfolio of $30 million of commercial PACE benefit assessment liens financed through a conduit structure. The Public Finance Authority is the issuer of the bonds which have been purchased by Clean Fund and CEFIA.

PACE allows property owners to access 100 percent up-front financing for energy efficiency and renewable energy improvements on their buildings. A lien is attached to the building and the owner repays the investment through an additional charge on their property tax bill.

“The sale of this initial portfolio of PACE liens to Clean Fund is the latest step in our effort to attract and deploy private capital here in Connecticut supporting energy efficiency and renewable energy opportunities,” said Bert Hunter, chief investment officer of CEFIA. “Some of the greatest value of the sale has been our enhanced understanding of how private capital providers currently value these low-risk, secure transactions. The bottom line is that PACE is working for building owners who are seeing energy improvements deliver substantial savings and PACE is working for investors who see the security of the financial structure of PACE and are willing to invest in Connecticut.”

Connecticut’s PACE program was launched in 2013 and is active across 80 municipalities in the state.  CEFIA established a $40 million financing warehouse to underwrite commercial PACE transactions throughout Connecticut.

We are pleased to have been selected by Connecticut’s green bank and are now investing in Connecticut PACE projects,” said John Kinney, chief executive officer of Clean Fund.  “The due diligence performed at the front end provides a strong foundation for sound investment opportunities. In just a year, Connecticut has moved to the front of the country when it comes to activity on PACE.”

CEFIA uses a technical review process and underwriting platform managed by Sustainable Real Estate Solutions (SRS) to quantify potential energy savings and to mitigate financing risk.

The program has closed on 23 projects and approved an additional 10, representing an investment of $30 million across 25 municipalities.  These projects include a combination of energy efficiency, clean distributed generation and hybrid projects. The portfolio represents a lifetime energy savings equivalent of $40 million. With an additional 75 projects in the pipeline, financing of up to $75 million is anticipated by the end of 2014.   

“The Public Finance Authority is pleased to be part of this unique and important financing that will pave the way for future critical energy efficiency projects,” said Jon Penkower, program manager for the Public Finance Authority.

About the Clean Energy Finance and Investment Authority
CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency supersedes the former Connecticut Clean Energy Fund. CEFIA supports Connecticut’s energy security and community prosperity by realizing its environmental and economic opportunities through clean energy finance and investments. As the nation’s first state Green Bank, CEFIA leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about CEFIA, please visit www.ctcleanenergy.com .

About Clean Fund Clean Fund is a specialty finance company providing up to 100% financing designed to accelerate investments in energy efficiency, water efficiency, and renewable energy.  Clean Fund is the industry leader in implementing Property Assessed Clean Energy (” PACE “) finance for commercial (non-residential) properties. PACE transforms the repayment mechanism for energy investments from an unsecured position in the cap-stack to one that is secured by the entire property. This significant collateral enhancement enables Clean Fund to offer non-recourse long-term financing without covenants.  These flexible terms of up to 20 years with a fixed rate produces compelling economics and make many more projects both attractive and financeable.  For more information on Clean Fund and our team, please visit our website www.cleanfund.com  .

About Public Finance Authority Public Finance Authority (PFA) is a government entity established to issue tax-exempt conduit bonds for public and private entities nationwide and is sponsored by the Wisconsin Counties Association, Wisconsin League of Municipalities, the National Association of Counties and National League of Cities. PFA provides the means to efficiently and reliably finance public benefit projects that create jobs, affordable housing and infrastructure, and improve the overall quality of life in local communities. PFA partners with private borrowers and provides local governments with the technical assistance needed to bring tax-exempt and taxable bonds to market nationwide.

About C-PACE Administered by CEFIA, C-PACE is a tax-lien financing program that allows interested property owners to finance qualifying energy efficiency and clean energy improvements on their buildings with no upfront costs through a voluntary assessment on their property tax.  Similar to a sewer tax assessment, capital provided under the C-PACE Program is secured by a senior lien on the owner’s property tax bill and paid back over time, spreading the cost of energy improvements over the expected life of the measures.  C-PACE is a policy that promotes economic development upgrades, keeps energy costs down, and provides a platform for Connecticut businesses to maintain a competitive advantage.  For more information on the program, please visit www.c-pace.com

SOURCE Clean Energy Finance and Investment Authority

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CEFIA Announces Sale of Commercial Property Assessed Clean Energy Benefit Assessment Liens