Canadian Solar and Samsung Unit to Build Ontario Plant

Jun 26, 2014 4:08 pm ET

(Updates with closing share price in last paragraph.)

June 26 (Bloomberg) -- Canadian Solar Inc., the second- best-performing solar maker in the past year, agreed to build a utility-scale power plant in Ontario with Samsung Electronics Co.’s renewable unit.

Construction on the 140-megawatt Sol-Luce Kingston Solar PV project is planned for the third quarter, Guelph, Ontario-based Canadian Solar said today in a statement. The power plant is expected to begin providing electricity to more than 16,000 homes in the second half of next year.

Canadian Solar expects to generate about C$300 million ($280 million) in revenue from the project, according to the statement. This is the second solar power plant the company has agreed to develop with Samsung.

Canadian Solar has almost tripled over the past 12 months, trailing only JinkoSolar Holding Co. in the 17-member Bloomberg Industries Global Large Solar Energy Index. The stock gained 4.5 percent to close at $29.79 in New York.