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Canadian Solar Buys 11 U.S. Projects, Expands Development

June 19 (Bloomberg) -- Canadian Solar Inc., a solar-panel company with manufacturing operations in China, bought 122 megawatts of power projects under development in the U.S. as it expands its efforts to build and own generating assets.

Construction on the 11 solar farms, which range in capacity from 2 megawatts to 29 megawatts, will begin this year and the last will be completed in 2014, Kitchener, Ontario-based Canadian Solar said today in a statement. Terms and the projects’ locations weren’t disclosed.

The company expects to buy “many” more solar farms in the U.S. as it moves beyond panel manufacturing. Canadian Solar’s project development business is expected to generate 25 percent of its revenue this year, up from 10 percent last year, according to the statement.

Canadian Solar formed its U.S. development unit six months ago as part of its “continued commitment” to the region, Shawn Qu, the company’s chief executive officer, said in the statement. That gives the company “the ability to now further grow our business in the U.S. market.”

The company also develops solar projects in Canada.

Canadian Solar shares rose 3 percent to $3.75 at the close in New York.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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