OCI Enterprises Takes Over CornerStone Power Development

OCI Enterprises, an Atlanta-headquartered chemical and energy holding business, declared that it has taken over CornerStone Power Development, a Chicago-based utility level solar power development company. The take over will make CornerStone to become OCI Solar Power and a part of the newly created OCI Energy division of OCI Enterprises.

The management team of CornerStone is experienced in formulating and developing new solar facilities and in taking over of the existing power producing structures. The take over accord will retain the current employees of CornerStone in the new set up. The employees will work for OCI Solar Power and continue with their focus for the growth of the company. The 12 projects hitherto handled by CornerStone Power valued around 130 MW, and which are under various stages of development in places such as Ontario, Canada and the United States will become a part of the newly created OCI Energy division and will be handled by it. OCI Energy is looking forward to achieving 700 MW solar power product developments by 2013.

The president and CEO of OCI Enterprises, Kirk Milling, said that the take over concurs with the strategy of the company to move into the growing solar markets of North America, which he anticipates will grow up to five times in the years to come. He added that the signed accord will enable the company to provide cost-efficient solar technologies to the people who are looking forward to enlarging  their renewable energy usage.