Member access

4-Traders Homepage  >  Shares  >  Nyse  >  MEMC Electronic Materials, Inc.       US5527151048

SummaryChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

MEMC Electronic Materials, Inc. : Northland Power Signs Agreement to Purchase Ontario-made Solar PV Panels from MEMC

11/16/2011 | 08:05am US/Eastern
Recommend:
0

TORONTO, Nov. 16, 2011 /PRNewswire/ -- Northland Power Inc. ("Northland") (TSX:NPI) (TSX:NPI.PR.A) (TSX:NPI.DB.A) announced today that it has signed a Master Module Supply Agreement with MEMC Singapore Pte. Ltd, an affiliate of MEMC Electronic Materials, Inc. ("MEMC") (NYSE: WFR), to purchase solar PV modules that will be manufactured in Newmarket, Ontario for its 130 Megawatt ("MW") Ontario solar portfolio. The modules will be used as part of an approximately $600 million investment by Northland to build ground-mounted solar projects in Ontario, representing one of the largest investments in Ontario's solar energy sector.

In addition to the 400 workers currently employed at the site which produces MEMC solar PV modules, Northland's investment is expected to create another 700 new engineering and construction jobs through the build-out of the projects.

"Northland's significant investment in ground-mounted solar builds on our 25-year history of being an innovative and entrepreneurial energy generator in Ontario," said John Brace, President and CEO of Northland Power. "We are pleased to be partnering with MEMC because of their commitment to high quality standards, and their demonstrated willingness to invest in Ontario for the long-term."

Northland operates over 1,000 MW of diversified generation, and is actively developing renewable and thermal projects in Ontario, including wind, run-of-river, co-generation, as well as a 400 MW pumped storage facility east of Peterborough, Ontario.

"We are proud to be working with a respected energy industry leader such as Northland Power," said Ahmad Chatila, CEO of MEMC. "As an innovative company with over 50 years of experience, we are pleased to deliver on our commitment to bring renewable energy solutions and sustainable jobs to the people of Ontario."

Earlier this year, MEMC began manufacturing solar PV panels in Ontario for SunEdison, its solar energy subsidiary, in order to help the company meet the 60 percent domestic content requirements of the Feed in Tariff program. In July 2011, MEMC announced the expansion of production with its manufacturing partner Flextronics.

ABOUT NORTHLAND

Northland Power Inc. (TSX:NPI) owns or has a net economic interest in 1,004 MW of operating generating capacity, and 260 MW of generating capacity in advanced construction. Northland is also actively developing 340 MW of wind, solar and run-of-river hydro projects already awarded PPAs and approximately 2,200 MW of additional power generation opportunities. Northland's assets comprise facilities that produce electricity from "clean" natural gas and "green" renewable sources such as wind, solar and biomass. Electricity generation and capacity is primarily sold under long-term contracts with creditworthy customers. Northland's operating thermal power assets are located in the provinces of Ontario and Saskatchewan Canada, and include the 120 MW Iroquois Falls cogeneration facility, the 110 MW Kingston combined-cycle power facility, the 265 MW Thorold cogeneration facility, the 86 MW Spy Hill peaking facility and an economic interest in two natural-gas- and biomass-fired generation facilities as well as a 19% equity interest in the 230 MW Panda-Brandywine combined-cycle power facility located outside Washington, D.C. Northland's operating renewable power facilities include the 128 MW Jardin d'Eole wind farm and the 100 MW Mont Louis wind farm both located in Quebec, two wind farms totalling 22 MW of installed capacity located in Germany and several rooftop solar power facilities in Ontario. Northland owns the 260 MW North Battleford project, which is currently under construction in Saskatchewan, Canada. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions.

Northland's common shares, preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.DB.A, respectively.

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.

About SunEdison
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed solar energy services for its commercial, government and utility customers. In 2010 SunEdison deployed more than 160 megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.

About MEMC
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for more than 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. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. 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.

Forward-Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the investment is expected to create another 700 new engineering and construction jobs through the build-out of the projects. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include delays or interruptions in production of solar panels; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power, including any changes in Ontario's Feed-in-Tariff Program; general business and economic conditions, including seasonality of the industry; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2010 fiscal year and its quarterly reports for the first, second and third quarters of 2011. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.

SOURCE MEMC Electronic Materials, Inc.; Northland Power Inc.

Recommend :
0
React to this article
Latest news on MEMC ELECTRONIC MATERIALS,
16h ago SUNEDISON : Partners with Community Energy on Colorado's Largest Solar Power Pla..
17h ago SUNEDISON : Other Events, Financial Statements and Exhibits (form 8-K)
1d ago SUNEDISON : and TerraForm Power, Inc. Announce Pricing of Initial Public Offerin..
1d ago SUNEDISON : Southern Nevada Water Authority Signs Power Purchase Agreement with ..
2d ago SUNEDISON : Southern Nevada Water Authority Signs Power Purchase Agreement with ..
6d ago SUNEDISON : Other Events, Financial Statements and Exhibits (form 8-K)
07/17 SUNEDISON : and TerraForm Power, Inc. Announce Pricing of Initial Public Offerin..
07/16 SUNEDISON : Researchers Submit Patent Application, "Processes and Apparatus for ..
07/16 SUNEDISON : "Processes and Apparatus for Preparing Heterostructures with Reduced..
07/13 MEMC ELECTRONIC MATERIALS : SunEdison Set To Transform Lives Of Nearly 5,000 Ind..
Dynamic quotes  
ON
| OFF