Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has closed the sale of Brockville 1, a 10 megawatt AC solar power plant valued at over C$55.0 million (52.2 million), to TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) on June 28th, 2013.
"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 emission-less energy portfolio and expand into the solar power generation space," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "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."
The Brockville 1 10 megawatt AC solar power plant is located in the city of Brockville in Eastern Ontario and is the first of nine solar power plants totaling 86 megawatts AC that Canadian Solar Solutions Inc. has agreed to build and sell to TransCanada for approximately C$470 million. Canadian Solar Solutions Inc. will provide turnkey engineering, procurement and construction services to all the projects. All solar PV modules used in the portfolio are manufactured at Canadian Solar's manufacturing facility in Guelph, Ontario.