- Town of Markham Recipient of Multiple Carmanah Projects
Carmanah Technologies Corporation (TSX:CMH) (“Carmanah”) has been awarded a $1.1M (CAD) order from PowerStream Inc to design and install two additional turnkey roof mounted solar photovoltaic (PV) systems in Markham, Ontario. Installation of the combined 220kW capacity will begin immediately at Milliken Mills Community Centre and R.J. Clatworthy Arena. These are the third and fourth contracts awarded to Carmanah by PowerStream Inc in the Town of Markham, since December 2011.
PowerStream selected Carmanah as the Engineering Procurement Construction (EPC) service provider on four of their Feed-In-Tariff (FIT) projects to date. Most notably, Carmanah’s 350kW PV system at Thornhill Community Centre was launched by Markham’s Mayor, Frank Scarpitti, in February. Currently, a 285kW rooftop solar array is under construction at the Mount Joy Community Centre, awarded to the Company by PowerStream last month.
“Carmanah has the capacity to oversee multiple and complex projects to keep up with the growing demand for rooftop PV systems in Ontario,” states Bruce Cousins, Carmanah CEO. “We are thrilled to have accomplished so many installations in Markham and continue to grow our partnerships with these progressive municipalities and Local Distribution Companies.”
Collectively, Carmanah’s five PV generating facilities in Markham have a rated capacity of approximately 1.1MW and are estimated to produce 1.3MW hours of renewable solar energy annually. These highly efficient grid-tie systems will offset the equivalent of 362 tonnes of carbon emissions in the community each year. The Town of Markham has been prolific in their adoption of the Ontario Power Authority’s FIT Program, which allows the energy generated to be sold back into the electrical distribution grid.
“With this latest solar install, Markham will have 1105kW of rooftop solar projects on our facilities. We’re committed to making Markham one of the greenest and most sustainable communities to live in North America,” said Mayor Scarpitti, who also serves as Chair of PowerStream. “Our solar projects reduce greenhouse gases and conserve energy, and they also generate revenue through Ontario’s Feed-In Tariff program.”
Carmanah is a member of the Canadian Solar Industries Association (CanSIA) and specializes in professionally engineered solutions for commercial rooftop photovoltaic systems that meet the latest requirements of Ontario’s Feed-In Tariff program (FIT).
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 Grid-Tie division oversees the design, supply, and installation of solar photovoltaic grid-tied systems for commercial, industrial and institutional applications. As one of the most trusted EPC contractors in Canada, Carmanah has installed more than 60 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”.
PowerStream Inc. is the second largest municipally-owned electricity distribution company in Ontario, delivering power and related services to approximately 340,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. In addition to electricity distribution, the company also operates a renewable generation business throughout Ontario under the name PowerStream Solar. PowerStream Inc. is an incorporated entity, jointly owned by the City of Barrie, the City of Vaughan and the Town of Markham.
Markham, a municipality of more than 310,000 residents centrally located in the Greater Toronto area, is Canada’s most diverse community and home to many of Canada’s leading life science and technology businesses. Recipient of a 2010 Canada Award for Excellence – Silver for outstanding achievements in quality, customer service, and a healthy workplace, Markham is renowned for its rich heritage, vibrant neighbourhoods and leadership on the environment and urban design.
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 include statements about the Engineering Procurement Construction (EPC) Agreement with PowerStream Inc.(the “Powerstream Order”); the scope of the EPC Agreement; 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 PowerStream Order, including funding thereof, and the ability of the parties to the EPC Agreement 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 Agreement may not be completed as currently anticipated, or at all; the PowerStream Order may not receive necessary funding in the timeframe contemplated, or at all, and the PowerStream Order may never be completed; the parties to the EPC Agreement 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 Systems; 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.
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