12/29/2014 08:48 EST | Updated 02/28/2015 05:59 EST

Transcanada Buys Ontario Solar Power Plant, Its 8th One In The Province


CALGARY - TransCanada Corp. (TSX:TRP) 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 (Nasdaq:CSIQ)

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.

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