SunEdison Awarded Solar PV Projects for CanFirst Capital Management
Tuesday, August 3rd 2010 4:49:15pm
Roof-top FIT projects to be completed by spring 2011
TORONTO, ONTARIO (August 3, 2010) - SunEdison, a division of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that it will develop and build industrial and retail roof-top solar photovoltaic (PV) projects for CanFirst Capital Management, a private real estate company based in Toronto, Ontario.
With this agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 1.5-megawatts (MW). They will be hosted at CanFirst Capital Management facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario’s Feed-in Tariff Program (FIT)*. CanFirst Capital Management will receive lease revenue for roof-top space allocated to the projects, without any upfront capital equipment costs.
Construction of the seven roof-top PV systems will begin this fall, with the majority of installations completed by spring 2011. Over 20 years, the systems will generate sufficient energy to avoid emitting 6.2 million kilograms of CO2 into the atmosphere. The CanFirst Capital Management solar projects will be located in the Greater Toronto Area including Burlington, Markham, Mississauga, Richmond Hill, Oakville and Toronto.
"We are committed to supporting responsible energy initiatives for Ontario. Building sustainability is an important aspect of our operations. We see this as an excellent opportunity to increase the value of properties for our clients," said Paul Braun, Managing Director at CanFirst Captial Management. "SunEdison was our first choice in solar rooftop providers because of their proven record of successful installations and their in-depth understanding of the complexities involved in solar projects."
"With over 350 solar PV installations around the globe, SunEdison has the experience and know-how required to make solar projects a reality,” said Jason Gray, Canada Country Manager for SunEdison. “Our goal is to ensure a seamless solar installation process for our customers. We look forward to helping CanFirst achieve their sustainability and green energy goals.”
About the Feed-in Tariff Program (FIT)
Ontario’s Feed-In Tariff (FIT) program for renewable energy generation is a cornerstone of the province’s Green Energy Act. Under the program, participants are paid a fixed-price for the electricity they generate over a 20 year contract period. For more information, visit http://fit.powerauthority.on.ca.
SunEdison is North America’s largest solar energy services provider. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. With the acquisition of SunEdison, MEMC is now a developer of solar power projects and North America's largest solar energy services provider. MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
About CanFirst Capital Management
CanFirst Capital Management is a private real estate company focused on investing in income producing properties that provide reliable income, capital preservation and
value enhancement opportunities. Leveraging years of experience, CanFirst Capital Management invests on behalf of institutional and private high net worth investors through Limited Partnership structures. Since its inception in 2002, CanFirst Capital Management, through its family of funds, has raised over $200,000,000 of investment capital.
SunEdison (Hill and Knowlton)