Foresight acquires Canadian Solar’s Australian portfolio

Foresight has recently acquired Canadian Solar’s Australian solar project pipeline comprising three construction-stage assets aggregating 117 MW in Queensland. Foresight will have a 100 per cent stake in the 70 MW Oakey 2 project and 49 per cent stake each in the 17 MW Longreach and the 30 MW Oakey 1 projects. Oakey 2 has reached financial closure and is expected to be commissioned by October 2018. Meanwhile, Longreach and Oakey 1 are expected to start operations by March 2018. The plants have 20-year PPAs in place with the Queensland government. In addition, the two projects have a joint debt facility of AUD 65 million from the Clean Energy Finance Corporation (CEFC) and the Bank of Tokyo-Mitsubishi UFJ. Moreover, CEFC will provide an AUD 55 million debt facility for Oakey 2.