The planned initial production capacity is 30 MW per year of solar modules incorporating mono- and poly-crystalline silicon solar cells, with a potential to generate revenues in excess of CAD$60 million annually.
The manufacturing facility, located near Toronto, will replicate the equipment, processes and quality control measures employed at Asolas 45 MW facility in Germany. The facility will build Asola modules incorporating proprietary technologies and the best practices from Germany, the largest solar market in the world.
Key materials including silicon solar cells are expected to be centrally purchased by Asola in Germany, from global sources to benefit from economies of scale, in line with the global strategic plan of Quantum and Asola.
We are pleased with the energy, enthusiasm and market knowledge of Evergreen Power, and look forward to quickly launching our products into the fast growing Ontario market, said Reinhard Wecker, founder and CEO of Asola. We plan to bring a series of proven designs including innovative building integrated photovoltaic products to the Canadian market.
We are excited to be one of the first to market with PV modules manufactured in Ontario, added Tim Burke, COO of Evergreen Power Ltd. We will be ready to meet market demand for high quality PV modules in mid-2011, with long term goals to manufacture modules for use in the automotive industry. Evergreens participation in this venture will also secure module supply for our FIT program customers.
Ontario, with its progressive feed-in tariff programs, is one of the fastest growing solar energy markets in the world, concluded Alan P. Niedzwiecki, president and CEO of Quantum. Ontarios aging grid and recent blackouts have highlighted the importance of distributed generation and created a sense of urgency in this market. Manufacturing in Ontario provides us, through our affiliation with Asola, with products with the right local content, and a timely vehicle for accelerated growth, to complement our Schneider Power acquisition.
Quantum recently acquired Ontario-based Schneider Power Inc. with a portfolio in excess of 1,000 MW of clean electricity generation development projects across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean.
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