TransCanada purchases nine solar projects

TransCanada Corp. (NYSE: TRP) agreed to purchase nine Ontario solar projects from Canadian Solar Solutions Inc., with a combined capacity of 86 MW, for approximately C$470 million ($455 million).  All nine projects have 20-year power purchase agreements with the Ontario Power Authority.

Under the terms of the agreement, each of the nine solar projects will be developed and constructed by Canadian Solar Solutions Inc. using the company’s photovoltaic panels. TransCanada will purchase each project after it begins commercial operation and subject to certain milestones being met.

TransCanada expects the projects to enter service between late 2012 and mid-2013.

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