Canadian Solar Inc. (NasdaqGS:CSIQ) entered into an agreement to acquire 51% stake in 316MWp Project in Gunning, 178MWp in Mumbil, 165MWp in Gunnedah, 286MWp Suntop & 196MWp in Maryvale from Photon Energy N.V. (WSE:PEN) on January 29, 2018. Photon Energy NV will retain a 49% stake in the Gunning project and 24.99% stakes in the four other projects. The equity capital contributed by Canadian Solar is subject to certain development milestones, joint management processes and other terms customary for project co-development and covers the development budgets to bring all five projects to the ready-to-build stage.

John Sheehy and Marcus Davidson of Pottinger Co Pty Limited acted as financial advisor while Reuben van Werkum of Hogan Lovells and Clifford Chance LLP acted as legal advisors for Photon Energy.