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Kruger and Helios form solar energy joint venture to address North American market

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Kruger and Helios form solar energy joint venture to address North American market

February 09, 2011 - 04:51
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TORONTO, Feb. 9, 2011 (CNW) -Kruger Energy Inc. and Helios Energy Inc. announced today that they have formed a joint venture, KH Solar Limited Partnership, to develop large-scale rooftop solar energy systems in North America. The partnership will focus on developing and transferring ownership of systems to Kruger Energy, who will operate the systems pursuant to long-term leases with building owners. The systems will be installed on commercial and industrial rooftops using a ballasted mounting technology that does not penetrate the building roof membrane. The partnership may also develop rooftop solar energy systems for building owners interested in system ownership.

Through this partnership, Kruger Energy enters the solar energy market with a view to owning and operating a portfolio of solar energy facilities.

"KH Solar is unique in Canada's emerging solar industry, thanks to its Canadian ownership, depth of renewable and solar energy expertise and underlying financial strength," said Winston Bennett, Vice-President of Helios Energy. "Most importantly, KH Solar will be a solar energy developer in which commercial and industrial real estate owners can take great confidence over the long-term."

This partnership brings together the extended investment horizon and operational experience of Kruger Energy, one of Canada's most established renewable energy companies, and the solar development and design expertise of Helios Energy, a leader in the Canadian solar industry.

"Adding solar energy to our wide renewable energy business portfolio is a natural step for Kruger Energy," said Jean Roy, Vice President and General Manager, Kruger Energy. "With over 420 MW of installed capacity, Kruger has the established track record and financial depth to successfully expand into this exciting new market. We are pleased to partner with Helios Energy to leverage their development expertise and the reputation they have built in the Canadian solar energy market since 2006."