TransCanada purchases three power plants from Canadian Solar

North American energy firm TransCanada has acquired three solar power facilities valued at approximately C$182m ($161.2m) from Canadian Solar Solutions, a subsidiary of Canadian Solar.

Purchase of the newly-built power plants brings TransCanada’s investment for its Ontario Solar program to almost $400m.

The three solar plants William Rutley, Liskeard 3 and Liskeard 4 have a combined generation capacity of 30MW (10MW each).

The plants have started supplying electricity to Ontario Power Authority under 20-year power purchase agreements (PPA).

The William Rutley project is in Ingleside at the east of Ottawa and the deal was closed on 29 September 2014.

Liskeard 3 & 4 are located in Temiskaming Shores in New Liskeard. The deal for these two projects were concluded on 30 September 2014.

TransCanada president and chief executive officer Russ Girling said: “These solar acquisitions are an important part of our $38 billion capital program and add 20-year revenue streams in a core geography that are backed by a high quality credit and long-term customer relationship.”

Under a 2011 deal, Canadian Solar has also sold four solar facilities to TransCanada. The seven facilities, in total, are expected to power over 12,000 Canadian households.