In the fourth of nine agreed upon acquisitions, TransCanada (NYSE:TRP) announced today it has completed the $57.4 million acquisition of Canadian Solar's (NASDAQ:CSIQ) 10-megawatt, Mississippi Mills solar power plant located in Ontario, Canada. The deal follows the sale by Canadian Solar of two additional solar power plants in northern California on Dec. 23 to PSEG.
The nine facilities being sold to TransCanada, the sales of which are expected to be completed by the end of 2014, are valued at approximately $470 million, the two companies said, and will have the capacity to produce as much as 86 megawatts of electricity. The first of the three previous sales of the completed solar projects closed in June 2013, and two in September of last year.
Commenting on today's announcement, TransCanada President and CEO Russ Girling said, "The addition of these solar facilities to our asset base continues to allow us to complement our existing operations in Ontario where we have become the largest independent power producer in the province."
Chairman and CEO of CanadianSolar Dr. Shawn Qu added in a statement, "Our ability to successfully execute on this multi-facility project reflects the strength of Canadian Solar's team and our partners." Canadian Solar Solutions Inc. will provide turnkey engineering, procurement, and construction services to each of the nine projects. All nine projects have 20-year power purchase agreements with the Ontario Power Authority.