TORONTO, ONTARIO AND TEMPE, ARIZONA, Oct 02, 2009 (MARKETWIRE via COMTEX) -- Enbridge Inc. (TSX: ENB)(NYSE: ENB) and First Solar, Inc. (NASDAQ:
FSLR) announced today that they have entered into an agreement for
Enbridge to acquire a 20 megawatt (MW) solar energy project that
First Solar has developed and is constructing near Sarnia, Ontario.
"As society and governments increasingly accept green energy, we
believe that solar energy represents meaningful opportunities for
long-term growth," said Patrick D. Daniel, President and Chief
Executive Officer, Enbridge, Inc. "The Sarnia Solar Project is right
in the sweet spot of Enbridge's renewable energy strategy. It has
risk and return characteristics which are fully consistent with
Enbridge's low-risk business model, and similar to our crude oil
pipeline business. At the same time it represents a further step
towards our corporate goal of a neutral environmental footprint.
"We're pleased to work with First Solar, the global leader in solar
energy, in the commercialization of this project," Mr. Daniel
continued. "In 2009, Enbridge's investment in solar energy will be
approximately C$100 million. We plan to continue to invest in further
renewable energy investments which have similar risk and return
characteristics, including potential additional investments in
Ontario."
The Sarnia Solar Project is expected to be completed by the end of
2009 and be the largest photovoltaic solar energy facility in
operation in Canada and one of the largest in North America. At 20
MW, Enbridge expects the project will generate enough power to meet
the needs of about 3,200 homes and help to save the equivalent of
approximately 6,600 tonnes of CO2 per year.
"Enbridge's investment underscores the fact that large-scale solar
photovoltaic power generation is becoming a reality," said Bruce
Sohn, President of First Solar. "This agreement is the first that
realizes the value of the OptiSolar project development pipeline that
we acquired in April. First Solar's project development and
engineering, procurement and construction capabilities have enabled
us to complete over 65 per cent of the 20 MW project in less than
three months." First Solar did not recognize revenue from this
project in the fiscal third quarter.
Under the terms of the agreement, First Solar is constructing the
solar project under a fixed price engineering, procurement and
construction contract, utilizing its thin film photovoltaic
technology. First Solar's advanced thin film technology has been
deployed in over 1,000 MW of installations in the U.S. and Europe.
First Solar will also provide operations and maintenance services
under a long-term contract. The power output of the facility will be
sold to the Ontario Power Authority pursuant to a 20-year Power
Purchase Agreement under the terms of the Ontario Government's
Renewable Energy Standard Offer Program. Subject to certain
conditions, Enbridge may participate with First Solar in future solar
energy projects at the Sarnia site.
The Sarnia project will complement Enbridge's four existing wind
energy projects which have a combined capacity of 260 megawatts.
Enbridge's share of the power generated by the wind facilities
provides enough green energy to meet the equivalent of 35 per cent of
the power requirements of the Company's Canadian crude oil mainline.
Enbridge also has interests in emissions-free hybrid fuel cell
technology and waste heat recovery facilities.
"Enbridge is pleased to invest in infrastructure projects like the
Sarnia Solar Project that are creating near term employment in
Ontario, as well as advancing Ontario's green energy policy
objectives," said Mr. Daniel. "Ontario's Green Energy Act
demonstrates the commitment of Ontario Premier Dalton McGuinty and
the Honourable George Smitherman, Deputy Premier and Minister of
Energy and Infrastructure to a diversified portfolio of green energy
solutions and to encouraging investment in Ontario. We already own
and operate the 190 MW Enbridge Ontario Wind Project in Bruce County,
Ontario, the second largest in Canada, and we welcome the opportunity
to help create additional environmentally preferred energy solutions
and to support a diversified, interconnected and stable supply of
green energy in Ontario."
Sarnia Solar Energy at a glance:
Capacity peak: approx. 20,000 kilowatts
Module surface area: approx. 250,615 m2; approx. 337,200 thin film modules
(First Solar)
Annual yield: around 30 million kWh (corresponding to the annual consumption
of around 3,200 households)
CO2 saving: approx. 6,600 tonnes per year
About Enbridge
Enbridge Inc., a Canadian company, is a North American leader in
delivering energy. As a transporter of energy, Enbridge operates, in
Canada and the U.S., the world's longest crude oil and liquids
transportation system. The Company also has a growing involvement in
the natural gas transmission and midstream businesses, and is
expanding its interests in renewable and green energy technologies
including wind and solar energy, hybrid fuel cells and carbon dioxide
sequestration. As a distributor of energy, Enbridge owns and operates
Canada's largest natural gas distribution company, and provides
distribution services in Ontario, Quebec, New Brunswick and New York
State. Enbridge employs approximately 6,000 people, primarily in
Canada and the U.S. Enbridge's common shares trade on the Toronto and
New York stock exchanges under the symbol ENB. For more information,
visit enbridge.com
About First Solar
First Solar, Inc. (NASDAQ: FSLR) is changing the way the world is
powered by creating truly sustainable solar energy solutions. First
Solar manufactures solar modules with an advanced semiconductor
technology and provides comprehensive PV system solutions. By
constantly decreasing manufacturing costs, First Solar is creating an
affordable and environmentally responsible alternative to fossil-fuel
generation. First Solar set the benchmark for environmentally
responsible product life cycle management by introducing the
industry's first prefunded, comprehensive collection and recycling
program for solar modules. From raw material sourcing through
end-of-life collection and recycling, First Solar is focused on
creating cost-effective renewable energy solutions that protect and
enhance the environment. For more information about First Solar,
please visit www.firstsolar.com, or www.firstsolar.com/media to
download photos.
For Enbridge Investors
Certain information provided in this news release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast" and similar expressions are
intended to identify such forward-looking statements. Although
Enbridge believes that these statements are based on information and
assumptions which are current, reasonable and complete, these
statements are necessarily subject to a variety of risks and
uncertainties pertaining to operating performance, regulatory
parameters, weather, economic conditions and commodity prices. You
can find a discussion of those risks and uncertainties in our
Canadian securities filings and American SEC filings. While Enbridge
makes these forward-looking statements in good faith, should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
significantly from those expected. Except as may be required by
applicable securities laws, Enbridge assumes no obligation to
publicly update or revise any forward-looking statements made herein
or otherwise, whether as a result of new information, future events
or otherwise.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release do not constitute guarantees of future performance.
Those statements involve a number of factors that could cause actual
results to differ materially, including risks associated with the
company's business involving the company's products, their
development and distribution, economic and competitive factors and
the company's key strategic relationships and other risks detailed in
the company's filings with the Securities and Exchange Commission.
First Solar assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.
Contacts:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
jennifer.varey@enbridge.com
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
vern.yu@enbridge.com
www.enbridge.com
Media Contacts
First Solar, Inc.
United States:
Alan Bernheimer
(602) 414-9361
media@firstsolar.com
First Solar, Inc.
Europe:
Brandon Mitchener
+49-6131-1443-399
media@firstsolar.com
Investor Contact
Larry Polizzotto
(602) 414-9315
SOURCE: Enbridge Inc. and First Solar, Inc.
mailto:jennifer.varey@enbridge.com
mailto:vern.yu@enbridge.com
http://www.enbridge.com
mailto:media@firstsolar.com
mailto:media@firstsolar.com