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BUSINESS - COMPANY NEWS

Solargise wants to invest $ 2.3 billion in Quebec or in Ontario

Wednesday, July 11, 2018

BUSINESS - COMPANY NEWS

Source : Solargise Canada Inc.

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Solargise, a company founded 10 years ago and active in new and clean energies, plans to invest $ 2.3 billion in the manufacture of new generation plastic free solar panels in Quebec preferably in the Montreal area. The company is also examining three sites in Ontario.

The Sand to Power project will be set up in two phases. Phase one involves setting up ingot, wafer, photovoltic cell, plastic free photovoltic module and glass plants and phase two involves setting up the 11N purity semi conductor grade polysilicon plant and MgSi plant. The project once completed will create 1,000 direct jobs.

Solargise's high efficiency ultra low degradation solar panels will be distinguished by a two-layer glass sealing technology on photovoltaic cells, minimizing the efficiency losses. For the first time, solar panels will not contain any plastic.

If this Cleantech project is implemented in Quebec, Solargise intends to move its research facilities from Europe to Montreal. About fifteen to twenty foreign researchers would settle in Greater Montreal. In addition, the company intends to sign collaboration agreements with Montréal universities.

To carry out this green project, Solargise is already assured of financing US$ 878 million, of which US$ 260 million comes from its own sources. The remaining financial package will soon be completed.

Solargise's strategic advisors in this project are Magil Construction, National Public Relations, AON Risk Consultants Inc, Norton Rose Fulbright and PWC. Stakeholders thus far in Quebec include Montreal International, Chamber of Commerce East of Montreal, and Industrial Association East of Montreal.

Four conditions must be fulfilled for the realization of this project: access to power of 550 MW, the availability of a land of 200 acres (about nine million square feet), the proximity of a railway and a port, as well as the presence of research universities.

Solargise Canada Inc. is currently assessing sites located in East of Montreal that meet the Company's criteria.

Solargise will collaborate with the authorities to finalize the location for this project keeping in mind the project's requirements and the government's own requirements.

Solargise is developing gigawatt scale solar parks in India in conjunction with GE, in which the state of the art plastic free solar panels that will be made in Canada will be installed.





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