MEMC: Letter of confirmation
SunEdison LLC, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that it has received an official letter of confirmation from the Ontario Power Authority (OPA) that it has met the 60% domestic content requirements of the Ontario Feed-in-Tariff (FIT) program for solar projects.
As a result, the company's solar photovoltaic panels, manufactured in Ontario, will be accepted in FIT projects in the province. SunEdison's parent company, MEMC, announced a partnership in December 2010 to produce the modules in Newmarket, Ontario.
To stimulate job creation in the province's manufacturing sector, the Ontario FIT program rules require that companies wishing to participate in the program prove they are meeting the 60 percent domestic content requirements. The components included are solar PV modules, inverters, mounting systems, wiring and electrical hardware and construction and on-site labor.
"We are pleased to achieve another significant milestone in our efforts to support the growth of solar energy in Ontario," said Jason Gray, SunEdison Country Manager for Canada. "Our investments in manufacturing, services and support in the region, along with this confirmation from the OPA, will allow us to best serve the local communities with green jobs and clean, renewable energy."
"SunEdison's commitment to Ontario through its investments in the region is a shining example of how the FIT program is bringing jobs to the province," said Elizabeth MacDonald, President of Canadian Solar Industries Association (CanSIA). "This is yet another indicator that investment in the renewable energy sector is helping to ensure that Ontario is at the forefront of creating a clean energy economy."
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, predictably priced 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.ca.
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 over 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.
*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.
SOURCE: SunEdison LLC