OCI Enterprises Acquires CornerStone Power

18 January 2011 (Last Updated January 18th, 2011 18:30)

OCI subsidiary OCI Enterprises has purchased solar energy developer CornerStone Power Development. OCI Enterprises president and CEO Kirk Milling said the acquisition fits with their strategy in North America to diversify into the emerging solar market, where they expect solar capacity

OCI subsidiary OCI Enterprises has purchased solar energy developer CornerStone Power Development.

OCI Enterprises president and CEO Kirk Milling said the acquisition fits with their strategy in North America to diversify into the emerging solar market, where they expect solar capacity to grow fivefold over the next several years.

CornerStone Power will be renamed OCI Solar Power and become a unit of OCI’s newly formed energy division.

CornerStone focuses on ground- and roof-mounted projects as large as 20MW, and currently has 12 projects totalling 130MW under development in the US states of Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Virginia, and Ontario, Canada.

OCI makes polysilicon, which is used to make solar cells that are assembled into panels.