Aecon Contracted by Northland Power to Build Six Ontario Solar Projects
TORONTO, April 27, 2012 /CNW/ - Northland Power Inc. (TSX:NPI)(TSX:NPI.PR.A)(TSX:NPI.DB.A) and Aecon Group Inc. (TSX:ARE) announced today, Aecon's wholly-owned subsidiary, Miwel Construction Limited, has been awarded a contract to construct six 10MW solar photovoltaic (PV) generation projects in Ontario.
Each of the six projects will be constructed on approximately 85 acres of land, and will consist of over 40,000 PV solar modules mounted on fixed structural supports. The solar modules will generate direct current electricity from the sun's energy, which will then be converted into alternating current, and subsequently transformed and injected into the Hydro One distribution system. The projects will sell the electricity under Ontario's renewable energy Feed-in-Tariff (FIT) program, and will use Ontario-made equipment and local Ontario labour.
The projects are located near Smiths Falls and Belleville in Eastern Ontario, and Burk's Falls near Huntsville. Work on the sites has begun, with completion of all six sites expected in 2013.
"Renewable energy sources like solar are essential to ensure a strong, sustainable energy grid," said John Brace, President and CEO of Northland Power. "With a long history of generating clean and green, intelligent energy, Northland's contract with Aecon will further our mission to provide renewable energy to power Ontario homes and businesses."
Northland has received more than 130 MW of FIT contracts for solar projects that will be constructed from 2012 to 2014. With experience in both rooftop and ground mounted solar projects, Aecon has previously constructed Peterborough Utilities' 10MW Lily Lake Solar Park, and rooftop systems on IKEA, Home Depot and Canadian Tire stores.
"Aecon has a long-standing commitment to being a leader in the construction of innovative, renewable and sustainable energy solutions," said Teri McKibbon, Aecon's Chief Operating Officer. "We are pleased to be working with Northland Power, and are confident this contract will showcase our abilities in delivering customized solutions for solar projects."
Northland Power develops, owns and operates clean and green power generation projects. Its operating assets are primarily in the provinces of Ontario, Quebec and Saskatchewan. The company has been in business since 1987 and has a net economic interest in 1,005 MW of power generating capacity.
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to general global events outside Northland or Aecon's control, there are factors which could cause actual results, performance or achievements to vary from those expressed or inferred herein including risks associated with an investment in the common shares of Northland or Aecon and the risks related to Northland or Aecon's business, including:
Large Project Risk and Contractual Factors. Risk factors are discussed in greater detail in the section on "Risk Factors" in Aecon's Annual Information Form filed on March 30, 2011 or the "Risks and Uncertainties" section of Northland's 2011 Annual Report and Annual Information Form, both of which can be found at www.sedar.com. Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Northland or Aecon, as well as statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or similar expressions. Important factors, in addition to those discussed in this document, could affect the future results of Northland or Aecon and could cause those results to differ materially from those expressed in any forward-looking statements. The forward-looking statements contained in this release are based on assumptions that were considered reasonable on April 27, 2012. Other than as specifically required by law, Northland and Aecon undertake no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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