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Canadian Solar Gains on $279 Million Sale of Solar Projects

Canadian Solar Inc., the Ontario-based solar company with manufacturing operations in China, rose the most in three weeks after agreeing to sell five projects for more than C$290 million ($279 million).

Canadian Solar rose 12 percent to $15.75 at the close in New York, the most since July 15 and the highest since February 2011.

Concord Pacific Group Inc. is buying 49 megawatts of solar farms in Ontario, enough to power about 8,700 homes, Guelph-based Canadian Solar said today in a statement.

The power plants are expected to go into operation next year and the Ontario Power Authority has agreed to buy the electricity under 20-year contracts.

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