Canadian Solar Solutions, a subsidiary of module manufacturer Canadian Solar has completed and sold two solar power plants to TransCanada.
The two plants, 9MW Brockville 2, in Brockville, Eastern Ontario and 7MW Burritts rapids in Ottawa, Ontario, were sold for an estimated CAN$95 million (US$91.9 million).
The plants were bought as part of a CAN$470 million (US$473 million) deal for Canadian Solar to build and sell nine solar projects, totalling 86MW, for North American energy infrastructure constructor, TransCanada. Each project also has a 20-year power purchase agreement (PPA) with the Ontario Power Authority.
As part of the nine project deal, TransCanada acquired Brockville 1 solar project in 2011. The remaining projects will come online at the end of 2014.
Russ Girling, TransCanada's president and chief executive officer said the new acquisitions are a sign of “commitment to increasing the supply and availability of clean, renewable energy” for its customers, despite predictions of North America continuing to rely heavily on fossil fuels; a third of TransCanada energy now comes from renewable and non-carbon sources.
“We are delighted to announce the completion of the sale of these two projects, underscoring the success of our partnership with TransCanada,” Shawn Qu, chairman and CEO of Canadian Solar said. “The Canadian Solar team has now taken several large solar power projects from the very initial stages of development all the way through design, engineering, construction and final sale to the end customer,” Qu added.