TORONTO, ONTARIO--(Marketwired - Jul 2, 2013) - TransCanada Corporation (TRP.TO)(TRP) (TransCanada) today announced it has completed the acquisition of the first of nine Ontario solar power facilities from Canadian Solar Solutions Inc. The combined capacity of the nine projects is 86 megawatts (MW) and the cost of the portfolio will be approximately $470 million.
TransCanada anticipates the remaining eight 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. The renewable energy produced from these projects will be sold to the Ontario Power Authority under a series of 20-year power purchase agreements.
"We are pleased that we have now acquired the first of nine solar power facilities as we continue to expand our emission-less portfolio and help modernize and transform Ontario's power facilities," said Russ Girling, TransCanada's president and chief executive officer. "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."
In addition to building safe and efficient pipelines and power plants, TransCanada is actively working towards solutions for a less carbon-intense future. To date, the company has invested over $5 billion in emission-less energy sources, including the largest wind farm in New England and its thirteen hydro power facilities in New Hampshire, Massachusetts and Vermont along with solar and wind developments in Canada. TransCanada is a partner in Bruce Power, Canada's first private nuclear generator that currently produces 6,300 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 continues to progress a $26-billion portfolio of commercially secured projects and advance other value creating opportunities in our energy, oil and natural gas lines of business in Canada, the U.S. and Mexico.
Canadian Solar Inc. (CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally friendly solar solutions to support global, sustainable development. For more information, 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 April 25, 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.