Photovoltaic module developer Canadian Solar, through its subsidiary Canadian Solar Solutions, has completed the sale of Brockville 1 solar power plant worth C$55m ($52.2m), to TransCanada.
The 10MW solar power plant, located in the city of Brockville in Eastern Ontario, is the first of nine solar power plants totaling 86MW that Canadian Solar Solutions has agreed to build and sell to TransCanada for around C$470m ($445.9m).
As per the agreed terms, Canadian Solar Solutions will provide turnkey engineering, procurement and construction services to all the projects.
Commenting on the transaction, Canadian Solar chairman and chief executive officer Shawn Qu said that the company has sucessfully completed the sale of its first project with TransCanada.
"This transaction represents an important milestone for Canadian Solar, as it puts us on track to target 50% of our revenue in 2013 from our total solutions business, and to return the company to profitability for the full fiscal year," added Qu.
Currently, Canadian Solar has delivered more than 4GW of solar modules to customers in over 50 countries. It is a provider of solar modules, specialized solar products and solar power plants with operations across North America, South America, Europe, Africa, the Middle East, Australia and Asia.