Canadian Solar sells Ontario solar power plant to TransCanada

Canadian Solar announced on Thursday that its wholly owned Canadian Solar Solutions unit had completed the sale of Mississippi Mills, a 10 MW AC solar power plant valued at more than C$61 million (US$57.3 million) to TransCanada Corporation.

Canadian Solar Chairman and CEO Shawn Qu said the project was the fourth of nine solar power plants totaling 86 MW AC that the group agreed to build and sell to TransCanada for approximately C$500 million.

"Our ability to successfully execute on this multi-facility project reflects the strength of Canadian Solar’s team and our partners. This should give investors added confidence in our ability to execute on our broader late-stage project backlog, which now stands at over 1 GW."

The Mississippi Mills 10 MW AC solar power plant is located in the town of Mississippi Mills in Eastern Ontario. Canadian Solar Solutions is providing turnkey engineering, procurement and construction services to each of the nine projects.

The latest sale, completed on December 31, follows the previously announced closing of the sale of Brockville 1 in June in addition to Brockville 2 and Burritts Rapids in September.