North American energy giant TransCanada has acquired the first solar plant, Brockville 1 Solar Facility, as a part of its $470m purchase agreement with Canadian Solar Solutions to purchase a total of 86MW capacity projects.
As per the agreement inked in December 2011, Canadian Solar is expected to construct a portfolio of nine solar projects in Ontario and TransCanada and will undertake them after they begin commercial operations.
Commenting on the developments, TransCanada president and chief executive officer Russ Girling said that the company is pleased to acquire the first of nine solar power facilities in a bid to expand its carbon free portfolio.
"One-third of the power we provide to North American consumers today comes from carbon-free energy sources and, as our solar facilities begin to come online, we are able to provide more diversity to our electricity supply mix," added Girling.
TransCanada stated that remaining eight solar plants are expected to commence operations in by 2014-end.
Ontario Power Authority, meanwhile, will procure power produced from the nine projects through a series of 20-year power purchase agreements forged with the company.