(Reuters) - TransCanada Corp said it agreed to buy 86 megawatt of solar power projects in Ontario from a unit of panel maker Canadian Solar Inc for $470 million.
Under the deal, Canadian Solar Solutions will provide 9 fully-operational and commissioned solar projects that are expected to start between late 2012 and mid-2013.
The investment will immediately add to TransCanada’s earnings and cash-flow.
“The addition of these solar projects allows us to expand and add to our diverse power generating portfolio where a third of the power we own, or have interests in, comes from alternative or renewable energy sources,” TransCanada’s chief executive Russ Girling said in a statement.
Reporting by Aftab Ahmed in Bangalore; Editing by Saumyadeb Chakrabarty