Carmanah Awarded Commercial Rooftop Solar Projects Valued at Approximately $2.0M
TORONTO--(BUSINESS WIRE)-- In two separate commercial rooftop solar projects valued at approximately $2.0M, Carmanah Technologies (TSX: CMH) was awarded to design and build roof mounted solar photovoltaic (PV) systems that will deliver a total of 500kW of renewable energy for the province of Ontario. The solar PV systems, being installed on commercial rooftops in Chatham-Kent and Ottawa, Ontario, have been funded by the Ontario Feed-In Tariff (FIT) program. Carmanah is an active Engineering Procurement Construction (EPC) specialist in the program, and has been awarded more than 20 contracts since the FIT program's inception in 2010.
According to the Ontario Ministry of Energy, the Ontario Feed-in Tariff program was launched to encourage the development of renewable energy technology, attract investment and create new clean energy jobs in Ontario. The program is helping Ontario meet its goals for improving air quality and phasing out coal-fired generation by the end of 2014.
Under the funding program, Carmanah's customized solutions have supported multiple projects from several large scale solar generating businesses. Recent projects include BrightRoof Solar's Industrial Building, PowerStream Solar's Mount Joy Community Centre and Toronto Hydro installations at McGregor, Mimico and York Mills Arenas.
Carmanah has executed more than 70 rooftop solar PV projects across Canada and was the recipient twice for Solar PV Project of the Year by the Canadian Solar Industries Association (CanSIA) for Horse Palace at Exhibition Place in Toronto, ON and Jean Canfield Building in Charlottetown, PE. Carmanah will be attending CanSIA's Solar Ontario 2013 show, May 29-30th, 2013.
About Carmanah Technologies Corporation (TSX: CMH)
Carmanah Technologies Corporation is a global provider of renewable and energy-efficient technologies. From its headquarters in Victoria, British Columbia, Canada, and office in Toronto, Ontario, the company's EPC Services group oversees the design, supply, and installation of solar photovoltaic systems for commercial, industrial and institutional applications. As one of the most trusted EPC contractors in Canada, Carmanah has installed more than 70 grid connected solar power systems in Canada, including the Dr. David Suzuki Public School, and the Jean Canfield Government Building in Prince Edward Island — named Canada's 2008 Solar Project of the Year by the Canadian Solar Industries Association (CanSIA). Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit www.carmanah.com .
For further information:
Investor Relations: Roland Sartorius, CFO
Public Relations: Natasha Bartlett
This news release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements are generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. Forward-looking statements in this news release may include statements about the Engineering Procurement Construction (EPC) Agreements; the scope of the EPC Agreements; obtaining funding and finalization of technical specifications for the Solar Photovoltaic (PV) Systems, and timing thereof; completion of the installation of the Solar PV Systems; and Carmanah's strategy, future operations, prospects and the plans of management.
With respect to the forward-looking statements contained in this news release, Carmanah has made numerous assumptions regarding, among other things, the completion of the EPC Agreement projects, including funding thereof, and the ability of the parties to the EPC Agreements to finalize technical specifications. While Carmanah considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Carmanah's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained herein. Known risk factors include, among others: the transactions contemplated in the EPC Agreements may not be completed as currently anticipated, or at all; the EPC Agreement projects may not receive necessary funding in the timeframe contemplated, or at all, and the EPC Agreement projects may never be completed; the parties to the EPC Agreements may not be able to finalize technical specifications for the Solar PV Systems within the timeframe contemplated, or at all; Carmanah may never complete installation of the Solar PV System; and general risks related to the competitive environment, competition with other energy sources, technological changes; ability to manage expansion effectively, foreign exchange, reliance on third party manufacturers, reliance on outside agents and distributors, reliance on key employees, intellectual property risks, environmental and regulatory compliance, government contracts and subsidies, product quality and reliability and warranty liability risk, downturn in economic and market conditions, liquidity and capital requirements, litigation risk, potential reorganization of operations or product offerings, and geopolitical and other global or local events. A more complete discussion of the risks and uncertainties facing Carmanah appears in Carmanah's most recently filed Annual Information Form, Annual MD&A, and other continuous disclosure filings which are available on SEDAR at www.sedar.com and on the Company's website at Carmanah disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
KEYWORDS: North America Canada
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