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Sault solar farms have new owner

Fengate acquires three solar assets from Canadian Solar

Fengate Real Asset Investments of Toronto announced Feb. 1 that it’s closed the acquisition of three Sault Ste. Marie solar farms from Canadian Solar Inc.

Called by the company as its largest power investment to date, these assets have a combined capacity of 59.8 megawatts and have been in operation for more than five years.

The purchase price was not disclosed in a Feb. 1 news release.

“Fengate is very pleased to have reached financial close on this significant transaction," said George Theodoropoulos, managing director of infrastructure for North America, "This investment delivers on Fengate's strategy to provide long-term revenue stability for its investors and builds on Fengate's existing, robust portfolio of renewable energy projects."

These assets have a power supply agreement with the Independent Electricity System Operator under five, long-term Renewable Energy Standard Offer Program Power Purchase Agreements, with an average remaining life of approximately 15 years.

Canadian Solar will continue to operate the assets on behalf of Fengate as part of a long-term operating and maintenance agreement and will provide on-site technicians who have historical knowledge of the projects.

"The Sault Ste. Marie solar portfolio is fully-contracted with a strong operating record," added Theodoropoulos. "Fengate and its investors will benefit from this new relationship with CSI, an experienced and reputable developer and operator that has extensive knowledge of the solar industry."

Fengate has solar, wind, hydro and biomass projects in Canada, the U.S. and the United Kingdom, including 105 megawatts of ground-mounted solar energy.

Guelph-based Canadian Solar had acquired the same three solar farms from KKR of Calgary, a global investment firm, in a 2015 deal worth $270 million.