Canada-based BluEarth Renewables has agreed to acquire four utility-scale solar power plants from Canadian Solar, for C$225m ($217.2m).
The four utility-scale solar power plants, located in Kawartha Lakes, Belleville, Beaverton and Napanee, all in Ontario, have a total installed capacity of around 53.9MW.
The electricity generated at the solar power facilities will be purchased by Ontario Power Authority, under 20-year contracts.
Commenting on the deal, BluEarth president & CEO Kent Brown said the acquisition of these solar projects is bolstering the company to meet its goal of $1bn quality, long-term contracted renewable energy plants.
Canadian Solar chairman and chief executive officer Shawn Qu said, "Development of these utility-scale solar power plants will contribute to job creation in the Ontario market during the construction phase, while also extending our position as a leading provider of solar energy solutions in Canada."
Construction on all four utility scale projects will begin in 2013, while the plants are expected to become operational in 2014. These plants are expected to create around 400 new jobs during the development and construction phases.
Meanwhile, Canadian Solar will provide turnkey engineering, procurement and construction services for all four solar plants.