Module manufacturer Canadian Solar’s project development subsidiary has sold a 10MW solar plant to energy provider TransCanada Corporation.
The deal for the Brockville 1 facility, located in Eastern Ontario, was worth C$55 million, according to a statement from Canadian Solar.
The farm is the first of nine, totalling 86MW, that the subsidiary, Canadian Solar Solutions, has agreed to build and sell to TransCanada for around C$470 million.
Shawn Qu, chairman and chief executive of Canadian Solar, said: “This transaction represents an important milestone for Canadian Solar, as it puts us on track to target 50% of our revenue in 2013 from our total solutions business, and to return the company to profitability for the full fiscal year.”
Canadian Solar Solutions will provide engineering, procurement and construction services to all the projects.
All nine of the farms have 20-year power purchase agreements with the Ontario Power Authority, and all of the PV modules used to build them will be manufactured at Canadian Solar's manufacturing facility in Guelph, Ontario.
TransCanada owns or has interests in over 11,800MW of power generation in Canada and the United States, in a variety of sectors.
Canadian Solar is building up its project development side due to the recent overcapacity in the global module market and resultant drop in prices.