The company based in Calgary, TransCanada stated that it entered into a $ 470 million investment to buy new solar projects in Ontario.
These proposed Canadian Solar Solutions will forward a total production capacity of 86 megawatts.
The president of TransCanada, Russ Girling, said that the investment has low risks and should generate revenue quickly.
The agreement provides that each of the nine projects will be developed and built by Canadian Solar Solutions and it uses photovoltaic panels that capture energy from the sun and transform it into electricity.
TransCanada will purchase other projects after commissioning the facilities in late 2012 and mid-2013.
The energy company has become the largest independent power producer in Ontario.
The province has recently turned to the development of renewable energy - solar, wind, biomass and other fuels - to phase out its coal-fired power generation.
Well known for its network of pipelines that transport oil from western Canada to the United States, TransCanada made the headlines for some time in connection with its proposed Keystone XL pipeline that would run from Alberta to refineries in Texas.