PEN Photon Energy sells its 25% stake in the Australian Suntop 1 project to Canadian Solar

Photon Energy NV has sold its 25% stake in Suntop Solar Farm Pty Ltd., the project company which is holding all project rights and has obtained Development Approval for the 189 MWp PV power plant project in Suntop (New South Wales, Australia – referred to as the Suntop 1 project), to Canadian Solar Inc. Financial terms of the transaction were agreed not to be disclosed. The transaction is expected to be closed at the end of 2019Q3.
“This transaction marks the successful completion of our project development work on the Suntop 1 project and the successful conclusion of the first of our five projects jointly developed with Canadian Solar. We are very pleased to have reached this important milestone”, commented Michael Gartner, Managing Director of Photon Energy Australia.