Canadian Solar Gains on Deal for Ontario Project: Toronto Mover

Canadian Solar Inc., the Ontario-based solar-panel company with manufacturing operations in China, rose the most in three weeks after announcing a deal to build a 130-megawatt power plant for a unit of Samsung C&T Corp.

The company, based in Guelph, Canada, gained 15 percent to $10.16 at the close in New York, the most since May 20.

Canadian Solar will receive about C$310 million ($304 million) to design and build the plant in Ontario for Samsung Renewable Energy, according to a statement today.

Construction is scheduled to begin in the third quarter and the solar farm may be complete by 2015. It will generate enough electricity for 13,750 homes.