CSI Holdco sells two solar power plants to PSEG subsidiary
Canadian Solar Inc said its subsidiary CSI Holdco divested two utility-scale solar power plants to PSEG Solar Source, a subsidiary of Public Service Enterprise Group or PSEG. Canadian Solar Inc, one of the biggest and foremost solar power firms in the world, was established in Canada in 2001. It operates in North and South America, Europe, Africa, Australia, Asia and the Middle East, delivering over 5GW of quality solar modules to customers in more than 70 countries.
A publicly traded diversified energy firm, PSEG has yearly revenues of over $11 billion. PSEG Solar Source was established to develop, build, own and operate large-scale solar facilities located outside of the regulated service area of one of the subsidiaries of PSEG, the Public Service Electric and Gas Company or PG. PSEG Solar Source is the wholly owned subsidiary of PSEG Power Ventures.
In a joint statement, the companies said the utility solar power plants have a total of 4.4 MW DC (3 MW AC). Called the PSEG Shasta Solar Farm, the two installations are found between Mount Lassen and Mount Shasta at an elevation of more than 3,300 feet. They are the biggest in Shasta county in California.
The sale was closed on December 16 this year although construction started in July. Commercial operation of the plants is scheduled early next year. Although PSEG Solar Source owns the biggest solar plants in Delaware and Ohio, this is the company's first project in the West Coast. PSEG Solar Source also has projects in Florida, Arizona and New Jersey.
PSEG Solar Source President Diana Drysdale said in a statement, "PSEG is pleased to announce this, our 7th utility scale solar project. We continue to work with best-in-class partners like Canadian Solar to invest in projects that provide emissions-free solar energy that help meet solar and renewable targets across the U.S."