April 17, 2012 / 9:44 AM / in 6 years

Canadian Solar buys into 16 power projects

(Reuters) - Solar panel maker Canadian Solar Inc (CSIQ.O) said it agreed to buy majority interest in 16 power projects from solar project developer SkyPower Limited for about C$185 million ($184.7 million).

The projects, which represent about 190-200 megawatts (MW), have each been awarded a 20-year power purchase contract by the Ontario Power Authority, the company said.

The projects, expected to start in 2013 and be fully operational in 2014, will generate more than C$800 million in revenue for Canadian Solar, the company said.

The companies also agreed to form an equal partnership joint venture to develop solar power plants in select emerging markets.

As part of the deal, Canadian Solar will also issue a five-year warrant to SkyPower for 9.9 percent of Canadian Solar’s outstanding shares, with a strike price of $5.

($1 = 1.0016 Canadian dollars)

Reporting by Ranjita Ganesan; Editing by Hans-Juergen Peters

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