Energy Conversion Devices (ENER) To Co-Develop Canadian Solar Projects With Enfinity

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10:45:17 am on January 28, 2010

Energy Conversion Devices just announced that they will work with Enfinity Corporation to develop 10MW  of  rooftop solar power installations in Ontario, Canada through the province’s new feed-in-tariff program. Enfinity will lead rooftop acquisition, arrange construction debt and arrange take-out equity financing. Energy Conversion Devices will contribute UNI-SOLAR® photovoltaic laminates and new PowerTiltâ„¢ products via its subsidiary , United Solar Ovonic.

In a press release, Mark Morelli, ECD’s president and CEO, commented on the agreement:

“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.”

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