APUC inks pact with EffiSolar

29 November 2011: Algonquin Power & Utilities Corp. (APUC) has entered in to a share purchase agreement with EffiSolar Energy Corporation (EffiSolar) through its power generation subsidiary. The agreement is entered to acquire all of the issued and outstanding shares of Cornwall Solar Inc. ("Cornwall Solar"), based upon achievement of specific milestones and subject to approval by the Ontario Power Authority.

Cornwall Solar owns the rights to develop a 10 MW solar project located near Cornwall, Ontario. In addition to the Project, APCo has acquired an option to acquire 10 additional Ontario based solar projects. Projects in the FIT Pipeline have submitted Feed-in-Tarriff applications for an additional 100MWac. The Project has been granted an Ontario Feed-in-Tarriff contract by the Ontario Power Authority, with a 20 year term. The acquisition is subject to certain regulatory approvals and other closing conditions. Closing of the transaction is expected to occur by the end of 2011.

Source: Yourindustrynews