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

The Management Board of Photon Energy NV informs that it has sold its 25% stake in Gunnedah Solar Farm Pty Ltd., the project company which is holding all project rights and has obtained Development Approval for the 146 MWp PV power plant project in Gunnedah (New South Wales, Australia – referred to as the Gunnedah project) to Canadian Solar Inc. Financial terms of the transaction were agreed not to be disclosed. The transaction is expected to be completed latest in 2019Q4.
“After successful exit of the Suntop 1 project a month ago, this transaction marks the completion of our project development work on the Gunnedah project and the successful conclusion of the second of our five projects jointly developed with Canadian Solar. We are very pleased to have reached this next important milestone", commented Michael Gartner, Managing Director of Photon Energy Australia.