CALGARY, ALBERTA AND TEMPE, ARIZONA--(Marketwire - Feb. 1, 2011) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) and First Solar Inc. (NASDAQ:FSLR) announced today that they have entered into agreements for Enbridge to acquire two new solar energy projects from First Solar. The two projects-the Tilbury Solar Project and the Amherstburg II Solar Project-are both in Ontario, Canada, and together, have a generating capacity of 20 megawatts (MW). Enbridge's investment in the Tilbury and Amherstburg Solar Projects is approximately C$90 million.
"Following closely on the heels of the successful completion of our 80-MW Sarnia Solar Project, we're pleased to add another 20 MW of solar generating capacity to our renewable energy portfolio," said Al Monaco, President, Gas Pipelines, Green Energy & International, Enbridge Inc. "We think the fundamentals of the renewable energy business are strong as electricity demand will continue to grow, and renewable energy is well positioned to meet a significant portion of the demand."
"These agreements demonstrate continued momentum in First Solar's project development business," said Frank DeRosa, First Solar Senior Vice President of North American project development. "We are very pleased to extend our relationship with Enbridge that began with Sarnia, and to work together to increase renewable energy generation in Canada."
The 5-MW Tilbury Solar Project is located in Tilbury, Ontario. First Solar completed construction on this project in December 2010.
The Amherstburg II Solar Project is located in Amherstburg, Ontario, which is about 70 kilometers from Tilbury. It consists of two separate facilities that, together, total 15 MW. Construction is expected to begin in March 2011, and to be completed in Q3 2011.
Under the terms of the agreements, First Solar constructed (and, in the case of the Amherstburg II Solar Project, will construct) the projects under fixed-price engineering, procurement and construction (EPC) contracts, utilizing its advanced thin film photovoltaic technology. First Solar will also provide operations and maintenance services to Enbridge under long-term contracts. Enbridge will sell the facilities power output to the Ontario Power Authority pursuant to 20-year Power Purchase Agreements under the terms of the Ontario Government's Renewable Energy Standard Offer Program.
TILBURY SOLAR ENERGY PROJECT AT A GLANCE:(data provided by Enbridge)Capacity peak: about 5 MWProject area: 87 acres (35 hectares)Net area of solar panels on site: 15 acres (6.1 hectares)Approximate number of solar panels: 89,000Annual yield: around 7 million kWh (corresponding to the annual consumption of about 800 homes)CO2 savings: about 2,500 tonnes per yearEstimated Peak work force: about 300AMHERSTBURG II SOLAR ENERGY PROJECT AT A GLANCE:(data provided by Enbridge)Capacity peak: about 15 MWProject area: 154 acres (62 hectares) Net area of solar panels on site: 43 acres (17 hectares)Approximate number of solar panels: 244,000Annual yield: around 23 million kWh (corresponding to the annual consumption of about 2,400 homes)CO2 savings: about 7,500 tonnes per yearEstimated peak work force: 300 to 400
About Enbridge
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 6,500 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
First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. By continually driving down manufacturing costs, First Solar 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 cost-effective, renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
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.
For more information please contact:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
jennifer.varey@enbridge.com
or
Enbridge Inc.
Guy Jarvis
Investment Community
(403) 231-5719
guy.jarvis @enbridge.com
www.enbridge.com
or
First Solar, Inc.
Media Contacts - United States:
Alan Bernheimer
(602) 414-9361
media@firstsolar.com
or
First Solar, Inc.
Media Contacts - United States:
Larry Polizzotto
Investor Contact
(602) 414-9315
or
First Solar, Inc.
Europe:
Brandon Mitchener
+49-6131-1443-399
media@firstsolar.com