Canadian Solar Inc. says its wholly owned subsidiary, Canadian Solar Solutions Inc. (CSSI), has entered into a sales agreement with TransCanada Corp., whereby TransCanada will acquire from Canadian Solar an 86 MW solar project portfolio for approximately C$470 million.
Under the agreement, CSSI will provide TransCanada with nine fully operational and commissioned utility-scale solar projects across Ontario. The plants are expected to come into service between late 2012 and mid-2013 and 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 serve as 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, Ontario.