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TransCanada Paying Canadian Solar $454 Mln for Nine Utility-Scale Projects

TransCanada Corp. (TRP.TO), which fell further away from a year high $44.10 yesterday, said it will pay about $454 million to Canadian Solar Inc. ( CSIQ ) to build nine utility-scale solar projects in Ontario. The combined capacity of the solar plants is 86 megawatts.

Under the deal, TransCanada will purchase each project as it begins commercial operation. Based in Calgary, Alberta, TransCanada already operates the largest wind farm in Canada, plus hydroelectric facilities, as well as pipelines. Upon closing, the deal will add to TransCanada's earnings, the company said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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