Palm Beach, FL 12/20/11 (StreetBeat) -- Canadian Solar (Nasdaq: CSIQ) this morning said it has agreed to sell to TransCanada a collection of 86 MW of AC solar projects for about $470 million Canadian, which is equal to about $455 million in U.S. dollars.Under the agreement, Canadian Solar will provider TransCanada with 9 fully operational utility scale solar projects in Ontario that are expected to come into service between late 2012 and mid-2013. Canadian solar will provide “turnkey engineering, procurement and construction services as well as being the supplier of major components to the projects.” All solar PV modules used in the projects will be manufactured at Canadian Solar’s manufacturing facility in Guelph, Ontario .
“This agreement with TransCanada is a true achievement for the solar industry in Canada , and an important milestone for Canadian Solar as we continue to expand our total solutions business to promote the expansion of solar power worldwide,” Canadian Solar CEO Shawn Qu said in a statement. “We are proud of our association with TransCanada, one of North America ‘s strongest and most successful energy infrastructure companies, which have chosen to partner with us for their entry into the Solar PV space.”
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