Under the deal, Southern Power will acquire 51% stake in the project while Canadian Solar will retain the remaining interest.
Southern Power president and CEO Oscar Harper said: "With strategic acquisitions nationally, the continued development of industry-leading assets aligns with our company’s low-risk strategy and enhances one of America’s largest renewable portfolios."
Currently under construction in West Texas, the solar project is expected to be completed in late 2016. The project is estimated to create 500 jobs during construction phase.
The Roserock project features about 700,000 Canadian Solar CS6X-P PV solar modules spread on approximately 1,300 acres in Pecos County in West Texas.
After completion, the project is estimated to generate clean electricity for over 30,000 homes in Texas. Austin Energy will buy the energy generated from the facility under a 20-year power purchase agreement.
McCarthy Building Companies is the engineering, procurement, and construction contractor for the project.
Canadian Solar chairman and CEO Shawn Qu said: "Cost-competitive, large-scale solar power has enormous potential in Texas.
"The Roserock project and Recurrent Energy’s solar project pipeline in the state are each important steps forward as Texas approaches the more than 13GW of solar that have been forecasted across the state."
Separately, Canadian Solar secured about $275m of combined construction and term debt facility with a syndicate of five banks for the Roserock project.
Image: The Roserock solar project will feature approximately 700,000 Canadian Solar CS6X-P PV solar modules. Photo: courtesy of Canadian Solar Inc.
