TransCanada adds more solar power to portfolio

Canadian energy company TransCanada said Thursday it bought three solar power facilities in Ontario for a combined cost of $162 million.

The company bought three solar power facilities in Ontario from Canadian Solar Solutions, with each capable of generating 10 megawatts of energy.

TransCanada Chief Executive Officer Russ Girling said the acquisition was part of an effort to diversify a portfolio that relies in part on pipelines and natural gas for its revenue stream.

"TransCanada is Canada's largest independent power producer and we have successfully grown this business alongside our significant pipeline assets in key areas where we understand the regulatory and business landscape," he said in a statement.

Power generated from the solar power facilities will be sent to the Ontario Power Authority under the terms of a 20-year deal.

TransCanada said its invested more than $350 million to date on solar power in Ontario.