Amsterdam-based Photon Energy and Canadian Solar will partner to complete the development of five Australian utility scale solar projects totaling 1.14 GWp.
Canadian Solar will acquire a 51 percent shareholding in each of Photon Energy's five project companies in Australia. The portfolio of projects includes the 316 MWp project in Gunning which is fully owned by Photon Energy, as well as four projects co-developed by Photon Energy with Polpo Investment, namely the 178 MWp project in Mumbil, the 165 MWp project in Gunnedah, the 286 MWp project in Suntop and the 196 MWp project in Maryvale.
The equity capital contributed by Canadian Solar is subject to certain development milestones, joint management processes and other terms customary for project co-development and covers the development budgets to bring all five projects to the ready-to-build stage. Post-transaction, Photon Energy NV will retain a 49 percent stake in the Gunning project and 24.99 percent stakes in the four other projects.
Georg Hotar, CEO of Photon Energy NV, said, “This transaction represents a pivotal moment for the Photon Energy Group with our long-term commitment to the Australian market bearing fruit. This cooperation marks a tangible achievement of the entire team in Australia who will now be working with Canadian Solar to develop Australia’s largest solar pipeline.”
Photon Energy NV’s financial advisor in this transaction was Pottinger, led by John Sheehy and Marcus Davidson, and its legal advisors were law firms Hogan Lovells and Clifford Chance, led by Reuben van Werkum.