Canadian Solar and TransCanada announce sales agreement for Ontario 86MW solar project portfolio
By Alyssa Dalton
December 21, 2011 – Canadian Solar Inc. has announced that its wholly owned subsidiary, Canadian Solar Solutions Inc. (CSSI), has entered into a sales agreement with TransCanada Corp., where the latter will acquire a 86MW AC solar project portfolio for approximately $470 million dollars.
Under the agreement, CSSI will provide TransCanada with nine fully-operational and commissioned utility-scale solar projects across the province which are expected to come into service between late 2012 and mid-2013. These projects are all contracted assets under Ontario’s Feed-In Tariff Program. In addition to securing construction finance, CSSI will provide turnkey engineering, procurement and construction services, as well as being the supplier of major components to the projects. All solar PV modules used in the portfolio will be manufactured at Canadian Solar’s manufacturing facility in Guelph.
“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,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar. “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.”