Greentech Lead America: Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions, has closed the sale of Brockville 1, a 10 megawatt AC solar power plant valued at over C$55.0 million (52.2 million), to TransCanada Corporation.
TransCanada is one of North America’s most successful energy infrastructure companies.
Shawn Qu, chairman and chief executive officer of Canadian Solar, said, “This transaction represents an important milestone for Canadian Solar, as it puts us on track to target 50 percent of our revenue in 2013 from our total solutions business, and to return the company to profitability for the full fiscal year.”
The Brockville 1 10 megawatt AC solar power plant is located in the city of Brockville in Eastern Ontario and is the first of nine solar power plants totaling 86 megawatts AC that Canadian Solar Solutions has agreed to build and sell to TransCanada for approximately C$470 million.
Canadian Solar Solutions will provide turnkey engineering, procurement and construction services to all the projects. All solar PV modules used in the portfolio are manufactured at Canadian Solar’s manufacturing facility in Guelph, Ontario.
TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometers (42,500 miles), tapping into virtually all major gas supply basins in North America. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States.
Canadian Solar in partnership with Duke Energy Renewables, Integrys Energy Services and Community Energy Solar recently completed two 1-megawatt (MW) AC solar power projects in Sterling, Massachusetts.