TransCanada acquires 8th solar power facility

CALGARY — TransCanada Corp. has acquired a solar power generation facility in the New Liskeard region of northwestern Ontario as part of a multi-year agreement with Canadian Solar.

The Liskeard 1 power plant is worth about $60 million according to Canadian Solar.

The plant has 10 megawatts of generating capacity and a 20-year agreement to sell its output to the Ontario Power Authority.

Canadian Solar, based in Guelph, Ont., makes solar panels used to convert the sun's power into electricity and also builds and sells utility-scale solar electricity projects for investors.

Calgary-based TransCanada is best-known for its North American pipeline business but it's also active in power generation.

The Liskeard 1 power plant is the eighth acquired by TransCanada under an 2011 agreement with Canadian Solar.

"We are pleased to have completed the purchase of this additional solar facility in Ontario," said Russ Girling, president and chief executive officer of TransCanada.

The acquisition of Liskeard 1 is part of a larger purchase agreement with Canadian Solar signed in 2011, bringing TransCanada's investment in its Ontario solar program to over $450 million. The new facility has now started generating electricity under a 20-year power purchase agreement with the Ontario Power Authority.