Canadian Solar Shinning over 30% Higher
On Tuesday, Canadian Solar (NASDAQ: CSIQ) announced a sales agreement with TransCanada Corp (NYSE: TRP) for an 86 megawatt solar project portfolio in Ontario. TransCanada will pay Canadian Solar approximately 470 million Canadian dollars.
Under the agreement, Canadian Solar 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.
Currently, shares of Canadian Solar are trading 33% higher at $2.96, up about $0.75 on the session.
