Canadian Solar group completed the first phase of the sale of three photovoltaic solar power projects to Korea Electric Power Corporation (KEPCO) and Sprott Global Renewable III Limited, two Korean companies.
Established in 2001 in Canada, Canadian Solar group, a leading manufacturer of solar PV modules and a provider of solar energy solutions, is a pan-global energy provider.
The projects were adjudicated to Canadian Solar as a result of the long term auction SLP-1/2017 summoned by the National Center for the Control of Energy and are called El Mayo, Horus and Tastiota, located at Navojoa, Sonora; Pabellón de Arteaga, Aguascalientes and Hermosillo, Sonora, respectively.
The sale was structured through a stock purchase of the shares of the project companies and was divided into three phases, the first of them for 49% of the capital stock of each entity.
Milbank and Galicia Abogados assisted the sellers and Covington & Burling and Creel, García-Cuéllar, Aiza y Enríquez assisted the buyers. The Galicia team was made up of partners Ricardo García, Carlos de Maria y Campos and Christian Lippert.