nice partnership! industry leader Belectric invests $11.5 million; did anybody read this?
"On March 31, 2011, Coronus Solar (OTCBB: CRNSF) entered into an agreement to acquire 21 MW_ac of utility-scale, ground-mount, solar photovoltaic (PV) power systems from Belectric, for total consideration of $76.8 million, exclusive of taxes. On entering into the agreement, Coronus Solar paid 15% of the price, or $11.5 million, by way of issuing 10,974,000 shares of its common stock to Belectric, at a price of $1.05 per share. As a consequence of the share issuance, Coronus Solar now has 26,729,086 shares of common stock issued and outstanding, of which Belectric holds 41.1%. Delighted, Coronus Solar's Chairman, Jeff Thachuk said, "We have partnered with an industry Titan. With subsidiaries in 15 countries, Belectric is the world's largest solar PV systems integrator, developing more than 300 MW of solar PV systems worldwide in 2010. Belectric's $11.5 million equity investment in our business makes them our largest shareholder, at 41.1%. Belectric will design, manufacture, and construct our solar PV systems, as well as operate and maintain them throughout the duration of their power purchase agreement lives. California offers us a market, unlike any other in the world. Driven by the most ambitious renewable energy standards in the United States, and an ideal climate for solar, giving rise to grid parity competitiveness, the California Energy Commission forecasts a thirty fold increase in solar by 2020. We are at the doorstep of a solar gold rush. The scalability of our industry, coupled by a highly fragmented market in its infancy, positions us, as a public company, for substantial growth.""
AI
