TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) today announced it has completed the acquisition of the first of nine Ontario solar power facilities from Canadian Solar Solutions Inc. The combined capacity of the nine projects is 86 megawatts (MW) and the cost of the portfolio will be approximately $470 million.
TransCanada anticipates the remaining eight projects will come into service by the end of 2014. They will complement TransCanada's existing operations in Ontario where it has become the largest independent power producer in the province. The renewable energy produced from these projects will be sold to the Ontario Power Authority under a series of 20-year power purchase agreements.
"We are pleased that we have now acquired the first of nine solar power facilities as we continue to expand our emission-less portfolio and help modernize and transform Ontario's power facilities," said Russ Girling, TransCanada's president and chief executive officer. "One-third of the power we provide to North American consumers today comes from carbon-free energy sources and, as our solar facilities begin to come online, we are able to provide more diversity to our electricity supply mix."