Canadian Solar unit sells solar power project stake to Southern

Recurrent Energy Canadian Solar sells stake in Tranquility solar power project in California

Recurrent Energy, a unit of Canadian Solar Inc. (Nasdaq: CSIQ), sold its ownership stake in a 200-MW solar power project in California to Southern Power.

Southern Power, a unit of Southern Co. (NYSE: SO), will acquire 51 percent of the Tranquility Solar Power Project. Canadian Solar will retain 49 percent ownership and will continue its part of investment required to complete construction.

The Tranquility project is expected to begin commercial operation in fourth quarter 2016. Signal Energy Constructors is the engineering, procurement and construction services provider. The output from the project and associated renewable energy credits will be sold to Southern California Edison under a 15-year power purchase agreement.

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