TORONTO, ONTARIO--(Marketwired - Oct 2, 2013) - TransCanada Corporation (TRP.TO) (TRP) (TransCanada) today announced it has acquired two additional Ontario solar power facilities from Canadian Solar Solutions Inc. - the Brockville 2 and Burritts Rapids projects. This deal follows the previously announced purchase of Brockville 1 as part of an agreement made in 2011 to acquire nine solar power facilities from Canadian Solar Solutions.
The combined capacity of the nine projects is 86 megawatts (MW) at a total cost of approximately $470 million. All nine projects have 20-year power purchase agreements with the Ontario Power Authority.
"This agreement further demonstrates our commitment to increasing the supply and availability of clean, renewable energy," said Russ Girling, TransCanada's president and chief executive officer. "While our portfolio of solar, wind and other emission-less energy sources has expanded in recent years, we also recognize the U.S. Energy Information Administration predicts North America will continue to rely on natural gas and other fossil fuels for decades to come."
Girling adds that TransCanada's business relationship with Canadian Solar allows the company to continue to expand its energy capacity in Ontario and will add to a diverse power generating portfolio where a third of the power we own, or have interests in, comes from emission-less or renewable energy sources.
To date, the company has invested over $5 billion in emission-less energy sources including the largest wind farm in New England and thirteen hydro power facilities in New Hampshire, Massachusetts and Vermont, as well as solar projects and Canada's largest wind farm development in Quebec. TransCanada is a partner in Bruce Power, Canada's first private nuclear generator that currently produces 6,200 MW of emission-free electricity in Ontario. TransCanada also specializes in building highly efficient natural gas-fired power plants that are helping North America's transition to a less carbon-intensive electricity supply mix.
TransCanada anticipates the remaining six solar projects will come into service by the end of 2014. They will complement TransCanada's existing operations in Ontario where it has become the largest independent power producer in the province.
Founded in 2001 in Canada, Canadian Solar Inc. is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "would", "will" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operation plans and outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Quarterly Report to Shareholders dated July 26, 2013 and 2012 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on TransCanada's website at www.transcanada.com.