U.S.-based Solar Company Unirac Announces New Canadian Subsidiary to be Based in OntarioMay 4, 2011
U.S.-based Unirac, a leading provider of infrastructure for solar power systems, recently announced the formation of a new subsidiary, Unirac Canada Corporation which opened for business earlier this year in Mississauga, Ontario.
Unirac, headquartered in Albuquerque, New Mexico, makes mounting systems used to install and hold solar panels in place. The firm's new Ontario-based subsidiary will be managed by Unirac Inc.’s CEO, Doug May, and will offer solutions to enable customers to participate and meet requirements in Ontario’s groundbreaking Feed-in-Tariff (FIT) and microFIT programs.
The linchpin of solar and other renewable energy opportunities for investors in Ontario is the province's Green Energy Act (GEA), which firmly establishes Ontario as the North American leader in producing and using renewable energy. Key components of the Green Energy Act are the FIT and microFIT programs, the first in North America, which offer long-term price guarantees for renewable electricity generators. The FIT, for example, has several key benefits, including:
- a design that allows all sizes of generators, from homeowners to large developers, to participate;
- prices that are intended to cover total project costs and provide a reasonable rate of return over a 20-year contract (40 years for waterpower);
- openness to various renewable energy technologies: biogas, biomass, landfill gas, solar photovoltaic (PV), wind and waterpower;
- a straightforward process to obtain a contract for renewable electricity generation;
- differential prices reflecting different technologies and different project sizes;
- reasonable domestic content requirements.
"While we have been manufacturing in Ontario for almost a year now, establishing this full-service subsidiary ensures Unirac's ability to support Ontario customers and partners locally," said Doug May, president and CEO of Unirac. "Unirac Canada's goal is to continually exceed our Canadian customers' and partners' expectations, helping them maximize the return on their investments while creating a cleaner environment."
Last year, Ontario installed 168 megawatts of solar photovoltaic capacity, surpassing New Jersey as the second leading North American jurisdiction for new solar projects during 2010. This has provoked a flurry of investment activity, as investors seize opportunities for expansion amidst Ontario's growing network of renewable energy generators and for manufacturers of renewable energy products and services.
The GEA provides the stable investment environment required for companies to make the capital and human resource investments necessary to grow and succeed in the burgeoning renewable energy industry.