BluEarth Renewables Inc. is buying four solar power plants from Canadian Solar Inc. (Nasdaq: CSIQ) for $217 million.
The four plants are located in Ontario, Canada, and construction is expected to start in 2013. They generate enough power for more than 6,800 homes.
BluEarth, headquartered in Calgary, Alberta, is a renewable power producer. The company has been looking to acquire and develop alternative energy assets since December 2010 when Ontario Teachers’ Pension Plan committed up to $75 million in equity to back BluEarth’s expansion efforts in North America. In total, BluEarth raised more than $160 million, which includes investments from ARC Financial Corp., management and other investors.
Guelph, Ontario-based Canadian Solar develops solar panels as well as power plants. The company is developing 29 projects in Ontario, which it estimates will be worth about $1.45 billion when they are complete.
The deal follows several other alternative energy transactions, including Google Inc.’s (Nasdaq: GOOG) purchase of Makani Power, an airborne wind turbine maker, Renovalia Reserve and First Reserve Corp.’s acquisition of two wind power plants in Mexico, and ABB’s Power-One buy.