Rochester Hills / San Francisco, 9. November 2009 - Energy Conversion Devices, Inc. and MP2 Capital, LLC today announced plans to collaborate on the development of a portfolio of rooftop solar installations in Ontario, Canada.
ECD and MP2 Capital will partner with Rumble Energy, an Ontario-based renewable energy developer, to install a series of rooftop solar projects throughout Ontario, Canada under the province's new feed-in-tariff program. By also partnering with other Ontario-based suppliers and contractors, the projects will meet the local content requirements set forth by the Ontario Power Authority. The companies expect to complete construction of approximately 10MW of projects by October 2010. ECD, through its wholly owned subsidiary, United Solar Ovonic, will provide UNI-SOLAR® brand photovoltaic laminates for the projects. MP2 Capital will lead the financing and development efforts for the projects.
Mark Morelli, ECD's president and CEO, said, "We look forward to partnering with MP2 Capital on this important project in Ontario. This is a good example of our demand-creation strategy, where we partner in the development of 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."
Mark Lerdal, MP2 Capital's CEO, stated, "We are pleased to partner with ECD on this exciting development effort. The feed-in-tariff structure in Ontario promotes this distributed generation rooftop model, and UNI-SOLAR laminates are ideal for solar rooftop installations."
Source: Energy Conversion Devices