Energy Conversion Devices and Efinity Corp will partner to create a “multitude of solar energy rooftop installations” under the feed-in tariff programme which the Ontario Power Authority describes as “North America's first comprehensive guaranteed pricing structure for renewable electricity production.”
ECD, through its subsidiary, United Solar Ovonic, will provide UNI-SOLAR solar electric laminates and its new PowerTilt product, while Enfinity will lead the acquisition and financing for projects that will be sold to equity owners upon commercial operation.
The companies expect to construct 10 MW of solar rooftop installations across the province by the end of this year.
The rooftop installations will be on a number of different roofing materials, and ECD will also provide development equity during the construction phase of projects. Enfinity will arrange construction debt and take-out equity financing for projects which, upon commercial operation, will be sold to the permanent equity owners.
“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,” explains Mark Morelli of ECD. “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.”
“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,” adds Rafael Dobrzynski of Enfinity. “The UNI-SOLAR laminates are ideal, having proven capable of meeting our performance requirements given the environmental and climate variables of this region."
Since announcing a framework agreement last year, the two companies have partnered on 6 MW of projects in Belgium and France.
ECD manufactures thin-film solar laminates and other technologies, including a nonvolatile digital memory technology that is designed for use in cell phones, digital cameras and personal computers. Enfinity is a renewable energy developer that operates in 20 countries and is in the process of financing 4 GW of solar electric projects.