TransCanada acquire 3 Canadian Solar plants in Ontario

Canadian Solar

Canadian Solar has completed the sale of three solar power plants, William Rutley, Liskeard 3 and Liskeard 4, totaling 30 MW AC and valued at over C$180 million ($161.2 million) to TransCanada.

The William Rutley power plant totals 10 megawatt AC and is located in the town of Ingleside, which was closed on September 29, 2014.

The Liskeard 3 and 4 was completed and handed over on September 30, 2014, which totals 20 megawatts are located in the town of Temiskaming Shores.

This transaction brings the number of project sales in Ontario in the third quarter of 2014 to five, and is another testament to company’s utility-scale project development capabilities and expertise, expanding the total solutions business model globally, said, Shawn Qu, chairman, CEO, Canadian Solar.

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Under a 20 year PPA, these three new projects have started generating electricity with the Ontario Power Authority.

These solar acquisitions are an important part of company’s $38 billion capital program and add 20-year revenue streams in core geography that are backed by a high-quality credit and long-term customer relationship, says, Russ Girling, president, CEO, TransCanada.

In 2011 Canadian Solar made an agreement with TransCanada for a number of PV projects aimed for completion over the coming years.

Canadian Solar has kept an aim of bringing in half of its income this year from Total Solutions business, which includes the development, construction and sale of PV projects.

At present, company has a 1.3GW pipeline of late-stage projects of which 40 percent is in Canada, 30 percent in Japan, 22 percent in China, and the remainder in the US.

TransCanada said it invested more than $350 million to date on solar power in Ontario.

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