CBD Energy to Act as EPC for Solar Energy Project in NJ
CBD Energy Limited, a diversified renewable energy company, has signed its first solar PV installation contract in the United States. The project is a design, engineering, procurement and construct (EPC) contract to build a solar energy system for a school in New Jersey. Westinghouse Solar Inc. will partner with CBD’s EPC division to deliver the project.
This is the first step by CBD in establishing a U.S. solar EPC business. CBD will utilize technical expertise and project management services from its international EPC division and from Westinghouse Solar to deliver the project. The project involves installing multiple rooftop and carport solar PV systems, to supply power to the school, and excess power to be sold back into the grid.
The approximate value of the project is $3.8 million. Project commencement is anticipated in mid-July and is expected to take approximately three months to complete. The financial impact is anticipated to be recognized in the merged entity during the second half of 2012.
James Greer, CBD Energy, Senior Vice President, US Development & Investor Relations commented, “The successful completion of this first solar project will be an important demonstration of CBD’s competitive advantage in a market that has significant renewable energy development. As CBD solidifies its U.S. market presence by merging with Westinghouse Solar, we are looking forward to increasing project volume and further validating our entrance in the US market.”
Westinghouse Solar CEO Margaret Randazzo commented, “We are very excited to see CBD secure a market win here in the U.S. and to partner with their EPC division to make the project successful. Expansion to capture EPC opportunities such as this project in the U.S., and the development of international distribution opportunities for Westinghouse Solar, such as the agreement we previously announced with CBD for sales of our solar panels to Harvey Norman in Australia, are examples of the new markets and synergies we were looking for from a CBD and Westinghouse Solar business combination.”
CBD Managing Director, Gerry McGowan, stated, “Entering the U.S. commercial market is an important milestone for CBD, and leverages our experience from the projects we are constructing in Europe, Asia and the South Pacific. We are able to achieve this expansion by bringing together our engineering expertise, project management capabilities and cost effective supply chain to work with a local workforce to deliver cost efficient renewable energy solutions. Over the course of a day, CBD now has continuous operations in delivering renewable energy projects around the globe.”
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