The solar facilities are all located in Ontario and are scheduled to begin operating between late 2012 and mid-2013. Once they are online, they will generate 86 MW of power.
All nine projects have 20-year power purchase agreements with the Ontario Power Authority.
"The addition of these solar projects allows us to expand and add to our diverse power generating portfolio where a third of the power we own, or have interests in, comes from alternative or renewable energy sources," said Russ Girling, TransCanada's president and chief executive officer. "Upon close of this acquisition, this low-risk investment is expected to be immediately accretive to earnings and cash flow."
Under the terms of the agreement, each of the nine solar projects will be developed and constructed by Canadian Solar Solutions Inc. utilizing their photovoltaic panels.
TransCanada currently operates the largest wind farm in Canada, and the largest wind farm in New England.
Its hydro electric facilities span three states in New Hampshire, Massachusetts and Vermont.
TransCanada is also a partner in Canada's first private nuclear generator which currently produces 4,700 MW of emission-free electricity in Ontario.
The company said it will purchase each project after it begins commercial operation and subject to certain milestones being met.
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