George Mathewson
Bluewater Power has expanded again with the purchase of a solar energy company, Unconquered Sun.
The Tecumseh-based firm is an installer of solar projects on home and business rooftops, with about 15 contract sales and installation staff.
It also has a manufacturing centre that until a year ago produced photovoltaic panels, solar-powered streetlights, pool pumps and even golf carts. It is currently unstaffed.
But the “backbone” of the acquisition, said Bluewater CEO Janice McMichael-Dennis, is two Feed-In Tariff contracts locked in at the most lucrative rates the Ontario government ever offered for solar-generated electricity.
“What we bought is a whole lot of opportunity backed by two FIT contracts,” she said. “The contracts have a very attractive pay-back period because the rates will be honoured by the province.”
One is a solar installation at the 27-hole Kingsville Golf and Country Club. The other is under construction on the roof of Unconquered Sun’s headquarters in Tecumseh.
The two projects are guaranteed 80.2 and 71.3 cents per kilowatt-hour. By comparison, the newest FIT contracts pay 27 cents to 38 cents/kWh for solar, and 12.8 cents for wind.
The sale price of Unconquered Sun was not disclosed.
McMichael-Dennis said the manufacturing centre could be reopened quickly if and when the market for Ontario solar panels returns.
Unconquered Sun becomes the fifth subsidiary business operating under parent Bluewater Power Corporation, whose shareholders are its member municipalities.
Sarnia owns an 86% stake and Point Edward 3.4% of the company.