Canadian Solar sells Ontario PV array

Canadian Solar has sold the 10MW (AC) Mississippi Mills PV array in Eastern Ontario to TransCanada, as part of its framework agreement with the independent power producer.

The project, valued at C$61m, is the fourth of nine arrays totalling 86MW which Canadian Solar intends to build and then sell to TransCanada – following the sales earlier this year of the Brockville 1, Brockville 2 and Burritts Rapids projects.

Thanks in large part to the strength of its downstream activities – including a backlog of late-stage projects totalling more than 1GW – Canadian Solar has seen its share price outpace nearly all of its PV rivals, rising more than eight-fold in the past year.

With a market capitalisation of $1.3bn, Canadian Solar’s valuation is significantly larger than bigger manufacturing rivals like Yingli and Trina Solar, both of which are aggressively working to emulate its downstream progress.