TransCanada buying up solar power to increase renewable energy clout

Calgary based energy infrastructure company TransCanada is buying yet another solar power facility in Ontario, in a bid to increase its presence in the renewable energy sector. 

The Mississippi Mills project, located around 60 kilometres west of Ottawa, has a generating capacity of 10 megawatts.

The deal is part of a previous agreement with Canadian Solar to buy nine Ontario solar facilities to expand its renewable energy while also promoting fossil fuel projects such as the Keystone XL pipeline, which would carry bitumen from Alberta's tar sands to refineries in Texas. 

“We are pleased to have acquired an additional solar facility in Ontario as part of our growing energy portfolio, one-third of which are facilities that produce electricity from emission-less sources," TransCanada president and CEO Russ Girling said. 

The total cost of the nine solar power facilities is around $500 million, while the Keystone XL pipeline is expected to cost $5.3 billion. 

Since its initial announcement in December, TransCanada has already acquired four of nine solar plans in Ontario: Brockville 1, Brockville 2 and the Burritts Rapids project in Ottawa.

The energy from these plants is being sold to the Ontario Power Authority for a rate of $443 per megawatt hour as part of 20-year power purchase agreements.

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