Canadian Solar sells 10 MW plant valued at more than $52 million

Canadian Solar subsidiary Canadian Solar Solutions Inc. has sold a 10 MW solar plant valued at more than C$55 million ($52 million) to TransCanada Corporation.

The facility is the first of nine solar plants with a total capacity of 86 MW that Canadian Solar Solutions has agreed to build and sell to TransCanada for approximately C$470 million ($445 million).

"This transaction represents an important milestone for Canadian Solar, as it puts us on track to target 50% of our revenue in 2013 from our total solutions business, and to return the company to profitability for the full fiscal year," said Canadian Solar CEO Shawn Qu.

The company closed the deal for the Brockville 1 plant, located in the city of Brockville in Eastern Ontario, on June 28.

Canadian Solar Solutions will provide turnkey engineering, procurement and construction services to all of the projects. All solar PV modules used in the project are manufactured at Canadian Solar’s manufacturing facility in Guelph, Ontario.

"We are delighted to close the sale of our first project with TransCanada, one of North America’s most successful energy infrastructure companies, which has chosen to partner with Canadian Solar to expand their emissionless energy portfolio and expand into the solar power generation space," Qu added.

Last month Canadian Solar Solutions sold four utility-scale solar power plants totaling 38.5 MW to independent renewable power producer BluEarth. Construction of those plants will begin this year and commercial operations are scheduled to commence in 2014.