TransCanada closes deal for first of nine solar projects in Ontario

TORONTO - TransCanada Corp. (TSX:TRP) said Tuesday that it has closed the purchase on the first of nine Ontario solar power projects from Canadian Solar Solutions Inc.

The company first announced the $470-million deal for the nine projects in December 2011.

All of the solar projects have 20-year power purchase agreements with the Ontario Power Authority.

TransCanada has agreed to buy the nine projects being built by Canadian Solar after they begin commercial operation and once certain milestones have been met.

When the deal was first announced, TransCanada said it expected the projects to come into service between late 2012 and mid-2013.

TransCanada said Tuesday it now expects the remaining eight projects to come into service by the end of 2014.