OCI Acquires CornerStone Power Development
Jan. 18, 2011

OCI Enterprises, an Atlanta-based chemical and energy holding company, today announced it has acquired CornerStone Power Development, a utility scale solar power plant development company based in Chicago as part of its new OCI Energy division.

CornerStone Power Development, which currently has 12 projects totaling more than 130 megawatts in development in the United States and Ontario, Canada, will become OCI Solar Power. CornerStone’s leaders will remain in place and its relationships with customers will not be impacted by this transaction. The company expects to have 700 megawatts under development by 2013.

“This acquisition fits with our strategy in North America to diversify into the most promising emerging solar market in the world where we expect solar capacity to grow five fold over the next several years,” said Kirk Milling, president and CEO, OCI Enterprises. “Through this joint partnership, we will be able to deliver the most cost effective technologies to communities seeking to increase their use of renewable resources.”

OCI’s parent company, Korea-based OCI Company Ltd., recently earned the country’s first green company and green technology certifications thanks to 10 years of aggressive research and development in renewable energy. OCI Company is a leader in the green energy industry worldwide as a producer of high-purity polysilicon – a key raw material in solar PV panels.

Through the acquisition, OCI Enterprises will form a new operating entity, OCI Energy, to diversify and enhance its business lines and further its global focus on green energy.

“This partnership assures continuity with existing projects, allows us to build on our market-leading position and supports the acceleration of our growth plans,” said Chris Bullinger, president, CornerStone Power Development. “We will be able to continue to build on our existing customer relationships and serve as a trusted partner in the communities where we do business.”