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Sep 9, 2014
Concord Pacific Developments Closes Second Solar Farm Purchase from Canadian Solar
On September 8, 2014, an affiliate of Concord Pacific Developments completed the post-construction purchase of the 10MW AC ‘Mighty Solar’ solar generation electricity project from an affiliate of Canadian Solar Inc. (NASDAQ-CISQ) for a purchase price of over $60 million. This follows Concord’s July 2014 purchase of the 10MW AC ‘Val Caron’ solar facility from Canadian Solar for approximately $60 million.
A&B supported Concord with necessary due diligence and advised Concord on its competitive bid to acquire the portfolio. Upon Canadian Solar’s acceptance of Concord’s bid, A&B supported Concord to negotiate and settle definitive acquisition agreements, related Manulife construction and permanent financing arrangements and appropriate Canadian Solar construction contracts, as well as close each project purchase. A&B’s team was led by Randy Williamson and included Trevor deBoer, Jacqueline Goslett and Jesse Rosensweet (Corporate), Derek McCallum and Sandra Dos Santos (Real Estate) and Andrew Biderman (Financial Services). They were also supported by Business Law articling and summer students David Neligan, Haley Wong, Tim Jones and Meaghan Barrett.