UPDATE 1-Canadian Solar buys into 122 MW of solar projects
June 19 (Reuters) - Canadian Solar Inc said it will buy into 122 megawatts (MW) of utility-scale solar developments in the United States, as it shifts focus from pure-play module sales to smaller utility-scale projects.
The construction of the 11 power plants, ranging from 2 MW to 29 MW, is planned to begin this year, with the last project set to be completed in 2014.
Large utility-scale solar projects, which produce power for the wholesale electricity market, result in better margins than small rooftop installations. However, as clean-energy financing dries up, companies are gravitating toward easy-to-fund small projects.
Earlier this year, Canadian Solar said it will buy a majority stake in 16 power projects.
The company expects its project solutions business to make up 25 percent of its total revenue in 2012, higher than the 10 percent it contributed to 2011 revenue.