Recurrent Energy Enters Solar Module Supply Agreement with Celestica
Recurrent Energy announced that it has entered into an agreement with Celestica for the supply of solar modules for projects awarded within the renewable energy Feed-in Tariff (FIT) program of the Ontario Power Authority (OPA). Celestica will manufacture solar modules for Recurrent Energy under a multi-year supply agreement at its Toronto operation. Full production is expected to be underway by summer 2011.
The crystalline silicon photovoltaic modules, manufactured by Celestica, will be used in the construction of 19 solar power plants that Recurrent Energy was awarded contracts for within the OPA FIT program. The modules represent a significant portion of the domestic content requirements for these contracts. Financial terms are not being disclosed.
"This agreement with Celestica is a strategic milestone for our solar power development plans in Canada and in helping Ontario to reach its renewable policy goals," said Sheldon Kimber, Senior Vice President, Development, Recurrent Energy. "This unique deal also reflects our strategy of pushing procurement upstream into the solar equipment supply chain."
Overall, Recurrent Energy expects to invest many hundreds of million dollars in the development of the 19 solar power projects, including solar modules; electrical equipment; steel and metal fabrication; and related services such as installation and project management. These investments are expected to generate approximately 2,500 jobs in Ontario directly related to the FIT projects.
"We are excited to be working with Recurrent Energy, a key player in solar power development across Ontario, in support of the province’s Ontario Green Energy Employment Act," said Mike Andrade, Senior Vice President, Americas, Celestica. "This agreement reflects the depth of Celestica’s solar strategy and is emblematic of our strong capability to deliver innovative supply
chain solutions to the solar market to meet the demand for new energy-generation alternatives in Ontario."