Enbridge Acquires 50-MW Nevada Solar Project from First Solar
CALGARY, ALBERTA -- (MARKET WIRE) -- 03/22/12 --
Enbridge Inc. (TSX: ENB) (NYSE: ENB) and First Solar, Inc. (NASDAQ: FSLR) announced today that Enbridge has acquired a 100 per cent interest in the 50-megawatt (MW) Silver State North photovoltaic (PV) project that First Solar has developed and constructed in Clark County, Nevada, near the community of Primm. Terms of the transaction were not disclosed.
"Silver State North marks Enbridge's entry into the U.S. solar energy market and demonstrates Enbridge's continuing commitment to growing its green energy business, while delivering attractive returns and stable cash flows," said Don Thompson, Vice President, Green Energy, Enbridge Inc. "The U.S. solar market presents significant growth opportunities given the excellent solar resource, supportive regulatory environment and expanding portfolio of solar energy projects."
Located 40 miles south of Las Vegas, Nevada, Silver State North was constructed under a fixed-price engineering, procurement and construction (EPC) agreement with First Solar, and is expected to begin commercial operation by May 2012. First Solar will provide operations and maintenance services to Enbridge under a long-term contract. NV Energy will purchase the energy output under a 25-year power purchase agreement (PPA) approved in 2010 by the Public Utilities Commission of Nevada.
"Silver State North is a premier utility-scale PV solar facility," continued Mr. Thompson. "We have been impressed with First Solar's strong technical competence and attention to meaningful community engagement practices that align with Enbridge's values."
"First Solar is very pleased to expand its relationship with Enbridge, a leader in renewable energy that shares our commitment to sustainability," said Frank De Rosa, First Solar Senior Vice President for Business Development, the Americas. "We are very proud to have completed construction of the first utility-scale PV solar project on Bureau of Land Management (BLM) land in Nevada, which would not have been possible without the hard work and dedication of county, state and BLM officials."
Silver State North, which will use First Solar's advanced thin film PV modules, will generate enough clean solar energy to serve the needs of about 9,000 average Nevada homes per year, displacing about 42,000 metric tonnes of carbon dioxide (CO2) annually - the equivalent of taking about 8,000 cars off the road. The project will also contribute to helping Enbridge meet its Neutral Footprint commitment to generate a kilowatt of renewable energy for every kilowatt of conventional electricity that the company's operations consume.
The project complements Enbridge's growing portfolio of renewable and alternative energy technologies that now includes interests in eight wind farms, four solar projects, a hybrid fuel cell and four waste heat recovery facilities. Together, Enbridge's investments in renewable energy have the capacity to produce almost 1,000 MW of renewable energy.
First Solar will recognize revenue from Silver State North after final testing and commissioning, expected in the second quarter of 2012.
Silver State North Solar Project at a glance:
Location: Clark County, Nevada, near the community of Primm
Net Peak Capacity: 50 MW (AC)
Project Area: About 600 acres (on Bureau of Land Management lands)
Approximate number of solar modules: Over 800,000
Annual yield: 122,000 MWh (corresponding to the annual consumption of about 9,000 homes)
Energy Purchaser: NV Energy (25-year PPA)
CO2 saving: 42,000 metric tonnes per year (the equivalent of taking about 8,000 cars off the road)
Estimated peak work force: About 300 people during construction
Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the 2011 Global 100 Most Sustainable Corporations. 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 6,900 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. 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, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
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.
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Source: Enbridge Inc. and First Solar, Inc.
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