Canadian Solar buys into 16 solar projects; Denies takeover talks
REUTERS - Canadian Solar Inc said it will buy majority stake in 16 power projects from SkyPower Ltd for about C$185 million ($184.7 million) as part of its plan to concentrate on smaller utility-scale projects.
The 190-200 megawatt projects, each of which has a 20-year power purchase contract from the Ontario Power Authority, will generate more than C$800 million in revenue for Canadian Solar, the company said in a statement on Tuesday.
Canadian Solar denies CNOOC takeover talk
Canadian Solar Inc denied reports in the Chinese media that China National Offshore Oil Co Ltd (CNOOC) was negotiating to buy the solar panel maker, trimming the gains that had lifted its shares as much as 31 percent in premarket trading.
"Canadian Solar is not currently in discussion with China National Offshore Oil Corp regarding a potential strategic transaction between the two companies," a company spokesman said in an email.