Both the companies have also formed an international 50:50 joint venture, called CSI SkyPower that will develop solar power plants in countries like Africa, the Middle East and South America.
As per a 20-year deal, Canadian Solar will sell the power from these projects to the Ontario Power Authority and expects to generate $800m in revenue.
Currently, the projects are in the advanced permitting stage and construction is expected to begin in 2013 and be in service in 2014.
Canadian Solar chairman and chief executive officer Shawn Qu said, "By aligning two of the solar industry’s most powerful companies we will be able to move projects forward faster and more efficiently, thereby directly helping the countries we have a presence in by providing cleaner, sustainable energy and through the creation of jobs."
SkyPower president and chief executive officer Kerry Adler said the company believes that this partnership will contribute to the economic growth of the countries they will work in by providing speed to market from project development to power generation.
"As we move forward with an increasing focus on international development, both Canadian Solar and SkyPower will utilize each other’s strengths in order to maximize potential in emerging markets with the greatest opportunities for success," Adler Added.
