Tempe, February 02, 2011, Enbridge Inc. (TSX: ENB) (NYSE: ENB) and First Solar Inc. (NASDAQ: FSLR) announced today that they have entered into agreements for Enbridge to acquire two new solar energy projects from First Solar. The two projects-the Tilbury Solar Project and the Amherstburg II Solar Project-are both in Ontario, Canada, and together, have a generating capacity of 20 megawatts (MW). Enbridge's investment in the Tilbury and Amherstburg Solar Projects is approximately C$90 million.
"Following closely on the heels of the successful completion of our 80-MW Sarnia Solar Project, we're pleased to add another 20 MW of solar generating capacity to our renewable energy portfolio," said Al Monaco, President, Gas Pipelines, Green Energy & International, Enbridge Inc. "We think the fundamentals of the renewable energy business are strong as electricity demand will continue to grow, and renewable energy is well positioned to meet a significant portion of the demand."
"These agreements demonstrate continued momentum in First Solar's project development business," said Frank DeRosa, First Solar Senior Vice President of North American project development. "We are very pleased to extend our relationship with Enbridge that began with Sarnia, and to work together to increase renewable energy generation in Canada."
The 5-MW Tilbury Solar Project is located in Tilbury, Ontario. First Solar completed construction on this project in December 2010.
The Amherstburg II Solar Project is located in Amherstburg, Ontario, which is about 70 kilometers from Tilbury. It consists of two separate facilities that, together, total 15 MW. Construction is expected to begin in March 2011, and to be completed in Q3 2011.
Under the terms of the agreements, First Solar constructed (and, in the case of the Amherstburg II Solar Project, will construct) the projects under fixed-price engineering, procurement and construction (EPC) contracts, utilizing its advanced thin film photovoltaic technology. First Solar will also provide operations and maintenance services to Enbridge under long-term contracts. Enbridge will sell the facilities power output to the Ontario Power Authority pursuant to 20-year Power Purchase Agreements under the terms of the Ontario Government's Renewable Energy Standard Offer Program.
Source: First Solar