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January 28, 2010
Rochester
Hills, MI, USA: Energy Conversion Devices and Enfinity to Co-Develop
10 Megawatts of Rooftop Solar Projects
Energy
Conversion Devices and Enfinity plan to collaborate on the development
of a portfolio of rooftop solar installations. ECD and Enfinity
will partner to co-develop a series of rooftop solar projects
throughout Ontario, Canada under the province's new feed-in-tariff
program.
The
companies expect to complete construction of approximately 10MW
of projects during calendar 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 says its 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."
"We
consider ECD to be one of our key global partners, and together
we are moving quickly on this co-development effort," explained
Rafael Dobrzynski, CEO of Enfinity Corp. "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."
Further details about: Energy
Conversion Devices and Enfinity
Corporation
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