Canadian Solar’s subsidiary, Canadian Solar Solutions (CSSI), executed a sales agreement with TransCanada, which will see TransCanada buy 86MW of Canadian Solar’s project portfolio for nearly CAN$470 million. The agreement calls for CSSI to provide TransCanada with nine fully-operational and commissioned utility-scale solar projects across the Ontario province. The projects are all anticipated to begin service between late 2012 and mid-2013.
“This agreement with TransCanada is a true achievement for the solar industry in Canada, and an important milestone for Canadian Solar as we continue to expand our total solutions business to promote the expansion of solar power worldwide. We are proud of our association with TransCanada, one of North America's strongest and most successful energy infrastructure companies, which have chosen to partner with us for their entry into the Solar PV space. We look forward to a successful cooperation with TransCanada,” commented Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
The projects are all contracted assets under Ontario’s FiT program and will see CSSI secure construction finance and provide turnkey engineering, procurement and construction services. The company will also serve as the supplier for all major components of the solar arrays, including providing all the PV modules that will be used in the portfolio.
