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Canadian Solar Power Plant Sale to TransCanada Closed

Wednesday - 7/3/2013, 2:45pm  ET

Start scratching names off the asset list of Canadian Solar . The company announced that it has closed the sale of Brockville 1, a 10 megawatt AC solar power plant. The buyer is TransCanada , and the plant is one of nine that TransCanada will ultimately take over from its national peer. All told, the nine plants have a combined capacity of 86 megawatts.

The price for all nine is roughly C$470 million ($447 million). In its press release announcing the news, Canadian Solar quoted its CEO, Shawn Qu, as saying that the deal "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."

As far as TransCanada is concerned, the transaction will aid greatly in the effort to "expand our emission-less portfolio and help modernize and transform Ontario's power facilities," according to CEO Russ Girling.

TransCanada expects that the remaining eight plants will come into service by the end of next year.

This article was originally published as Canadian Solar Power Plant Sale to TransCanada Closedon Fool.com

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