The companies will partner to co-develop a series of rooftop solar projects throughout Ontario, under the province’s new feed-in-tariff programme. They expect to complete construction of approximately 10MW of projects in 2010.
ECD, through its wholly owned subsidiary United Solar Ovonic, will provide a combination of UNI-SOLAR photovoltaic laminates and its new PowerTilt product for the projects. ECD will also provide development equity during the construction phase of the projects.
Enfinity will lead the rooftop acquisition from its Ottawa office, and will arrange construction debt and take-out equity financing for the projects. Upon commercial operation, the projects portfolio will be sold to the permanent equity owners.
Mark Morelli, president and CEO of ECD, said: “We are pleased to announce this expanding partnership with Enfinity with the collaboration on this Ontario portfolio. Since announcing the framework agreement with Enfinity last year, thus far we have partnered on nearly 6MW of projects in Belgium and France that are being supplied by our roofing materials channel partners.
“This co-development approach in Ontario is a further example of our demand-creation strategy where we will partner on solar projects that have attractive rates of return for project investors. The Ontario Power Authority has demonstrated an impressive commitment to the promotion of renewable energy development and ECD intends to be a major player in the province in the years to come.”
