First Solar Inc. (Nasdaq: FSLR) and Helios Energy Inc. announced that First Solar has completed the acquisition of Helios Energy's Amherstburg II Solar Project, consisting of two separate facilities, which, together, total 15 megawatts (MW).
Simultaneous with this transaction, First Solar and Enbridge Inc. announced they have entered into an agreement in which Enbridge will acquire the Amherstburg II Solar Project from First Solar. First Solar will continue developing the facilities and will provide engineering, procurement and construction services as well as operations and maintenance services under long-term contracts. Construction of the project is expected to begin in March 2011.
"Amherstburg II will continue to expand Ontario's supply of clean, affordable, sustainable solar energy," said Peter Carrie, First Solar Vice President of Business Development for Canada. "We are pleased to have worked with Helios Energy and look forward to bringing the project to completion this summer."
The Amherstburg II Solar Project will create between 300 and 400 construction jobs, generate tax revenues for various levels of government, and create economic benefits for local businesses. The project will sell its power to the Ontario Power Authority pursuant to 20-year Power Purchase Agreements under the terms of the Renewable Energy Standard Offer Program.
"This project further demonstrates Ontario's leadership in renewable energy development and the creation of a green economy," said Jarret Stuart, Principal, Helios Energy. "We are very proud to have worked with First Solar, North America's leading utility-scale solar project developer."
