December 20, 2011 / 12:22 PM / 6 years ago

UPDATE 1-TransCanada to buy Ontario solar projects from Canadian Solar

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Dec 20 (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)

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