Energy Conversion Devices and Enfinity Corporation will collaborate on the development of a 10 megawatt portfolio of rooftop solar installations in Ontario, Canada under the province’s new feed-in-tariff program. The companies expect to complete construction of approximately 10 megawatts 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.
The rooftop installations will be on a number of different roofing materials, and ECD’s new PowerTilt product is particularly well-suited for the Ontario market given its easy installation on any roof type, light weight, and higher energy production. 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, ECD’s president and CEO, 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.”
Rafael Dobrzynski, CEO of Enfinity Corp, commented, “We consider ECD to be one of our key global partners, and together we are moving quickly on this co-development effort. The feed-in-tariff structure in Ontario rewards investors with higher incentives for distributed rooftop solar and it is the objective of Enfinity to finance and develop projects that produce steady, predictable power for stable and secure investments. The UNI-SOLAR laminates are ideal, having proven capable of meeting our performance requirements given the environmental and climate variables of this region.”
Energy Conversion Devices, Inc. is the leader in building integrated and commercial rooftop photovoltaics, one of the fastest growing segments of the solar power industry. The company manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD’s UNI-SOLAR brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. ECD also pioneers other alternative technologies, including a new type of nonvolatile digital memory technology that is significantly faster, less expensive, and ideal for use in a variety of applications including cell phones, digital cameras, and personal computers.
Enfinity is a worldwide renewable energy developer operating in twenty countries across Europe, North America, and Asia. As a project specialist, Enfinity ensures the implementation of solar and wind energy power plants, and is in the process of developing, building, and financing solar PV projects with a total capacity of more than 4,000 MW and is planning to initiate several more through 2010. In 2009, Enfinity consolidated its international position as a global player with a $64 million investment from Waterland.