Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of two solar power plants, Brockville 2 and Burritts Rapids, totalling 16.0 megawatt AC and valued at over C$95.0 million ($92.2 million), to TransCanada Corporation (TSX, NYSE: TRP) (“TransCanada”) on September 30, 2013.
“We are delighted to announce the completion of the sale of these two projects, underscoring the success of our partnership with TransCanada, one of North America’s most successful energy infrastructure companies,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “The Canadian Solar team has now taken several large solar power projects from the very initial stages of development all the way through design, engineering, construction and final sale to the end customer. Our proven solar project experience, global brand, and comprehensive partner network — encompassing financing through construction – sets Canadian Solar apart and positions us as a leading provider of solar power solutions with global reach.”
The Brockville 2 solar power plant totals 9.0 megawatt AC and is located in the city of Brockville in Eastern Ontario. The Burritts Rapids solar power plant totals 7.0 megawatt AC and is located in the city of Ottawa in Eastern Ontario. These two projects are part of the nine solar power plant portfolio totaling 86 megawatts AC that Canadian Solar Solutions Inc. has agreed to build and sell to TransCanada for approximately C$470 million. This transaction follows the previously announced closing of the sale of Brockville 1 to TransCanada on June 28, 2013.