Photon Energy NV announces that Canadian Solar willbecome a shareholder and provide development financing to completethe development of five of its Australian utility scale solarprojects totalling 1.14 GWp.
Photon Energy NV announced today that as a result ofits development partner selection process managed by its financialadvisor Pottinger, the company has signed an agreement for thejoint development of five of its utility scale solar projects witha total capacity of 1.14 GWp in New South Wales, Australia withCanadian Solar, one of the world’s largest solar powercompanies.
Photon Energy’s utility scale solar projectpipeline, the largest pipeline in Australia, includes the to-datefully-owned 316 MWp project in Gunning as well as four projectsco-developed with a local partner, namely the 178 MWp project inMumbil, the 165 MWp project in Gunnedah, the 286 MWp project inSuntop and the 196 MWp project in Maryvale, all of which will befurther co-developed with Canadian Solar.
Canadian Solar will acquire a 51%shareholding in all five project companies. The equity capitalcontributed by Canadian Solar is subject to certain developmentmilestones, joint management processes and other terms customaryfor project co-development and covers the development budgets tobring all five projects to the ready-to-build stage.Post-transaction, Photon Energy NV will retain a 49% stake in theGunning project and 24.99% stakes in the four other projects.
“Canadian Solar is delighted to partnerwith Photon Energy and bring 1.14 GWp into themarket,” commented Dr. Shawn Qu, Chairman and ChiefExecutive Officer of Canadian Solar. “As a very activedeveloper for solar power plants in Australia, we will continue tostrengthen our leading position in the market by partnering withPhoton Energy.”
Speaking about the transaction, PhotonEnergy Australia Managing Director, Michael Gartner,commented “Australia is entering an exciting period wheresolar power will make a major contribution to Australia’selectricity needs. Photon Energy has been a pioneer in large scalesolar Down Under reacting ahead of competing developers to utilityscale opportunities through developing Australia’s largest solarpipeline. We are delighted to be combining our strengths withCanadian Solar to achieve this goal.”
Georg Hotar, CEO of Photon Energy NVadded, “This transaction represents an pivotal moment forthe Photon Energy Group with our long-term commitment to theAustralian market bearing fruit. This cooperation marks a tangibleachievement of the entire team in Australia who will now be workingwith Canadian Solar to develop Australia’s largest solarpipeline.”
Photon Energy NV’s financial advisor inthis transaction was Pottinger, led by John Sheehy and MarcusDavidson, and its legal advisors were law firms Hogan Lovells andClifford Chance, led by Reuben van Werkum.
MEDIACONTACT
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com
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