Canadian Solar Inc. and TransCanada Corporation Announce Sales Agreement for 86MW Solar PV Project Portfolio for C$470M
Canadian Solar Inc. (NASDAQ: CSIQ) today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc. , has entered into a sales agreement with TransCanada Corporation (NYSE: TRP), whereby TransCanada will acquire from Canadian Solar a 86 megawatts AC solar project portfolio for approximately $470 million Canadian dollars.
Under the agreement, CSSI will provide TransCanada with 9 fully-operational and commissioned utility-scale solar projects across the Province of Ontario 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, Ontario.
