The four plants are ‘BeamLight’ in Georgina, ‘Gold Light’ in Pefferlaw, ‘Illumination’ in Scugog and ‘Glenarm’ in Kawartha Lakes, Ontario.

Under the agreement, which is subject to closing conditions including the completion of financing, the plants are likely to begin construction in 2013 and 2014 and start commercial operation in 2014.

The plants, which will feature around 190,000 Canadian Solar CS6X high-performance modules, will create more than 400 construction jobs and generate enough electricity to power around 7,000 homes.

Canadian Solar will also be responsible for providing turnkey engineering, procurement and construction services for the plants as well as provide operations and maintenance services after completion.

DIF Canada head Paul Huebener said having invested in solar projects totalling 160MW in Europe, DIF managed funds has announced its first renewable energy investment in North America.

"This investment is consistent with DIF’s strategy to invest in quality assets that will provide stable cash flows to its investors, with proven technology suppliers, such as Canadian Solar.

"Having worked with Canadian Solar in Europe, this transaction highlights the benefits of working with international groups across different countries," Huebener added.