TransCanada grows in solar

Article Excerpt

TRANSCANADA CORP. $47.15 (Toronto symbol TRP; Shares outstanding: 707.0 million; Market cap: $33.0 billion; TSINetwork Rating: Above Average; Dividend yield: 3.9%; www.transcanada.com) has completed the purchase of two more Ontario solar power facilities from Canadian Solar (Nasdaq symbol CSIQ) for $470 million. TransCanada now owns three of the nine solar farms it agreed to buy from Canadian Solar in December 2011. It expects to take possession of the remaining six by the end of 2014. The company has 20-year deals to sell the power from these nine solar farms, which cuts the risk of this investment. TransCanada is a buy. buy…