An arm of Canadian Solar Inc (CSIQ), Canadian Solar Solutions Inc, has sold Mississippi Mills to TransCanada Corporation (TRP). The solar power project was sold for over $57.4 million (C$61 million), according to Zacks.

The transaction follows the sale of two other solar plants. The Canadian Solar unit sold Brockville 2 and Burritt Rapids in September 2013. Brockville 1 was sold in June last year, the report detailed.

The Mississippi Mills solar power plant is located in Ontario, Canada. The plant's capacity is 10 megawatt AC. This is the fourth among the nine solar plants that TRP agreed to buy back in 2011. All nine projects will cost about C$470 million, the report stated.

The sale is part of Canadian Solar's strategic shift toward solar power plant sale rather than remaining solely as a photovoltaic (PV) module manufacturer, the report added.

Canadian Solar hopes to take advantage of the recovering European solar industry in 2014 and benefit from it. The recovery is mainly driven by Italy, France, Germany, and the UK, Zacks reported.