OCI Acquires CornerStone Power Development

ATLANTA, Jan. 18, 2011 /PRNewswire/ -- 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 and will be a part of the new OCI Energy division, which is being created to diversify and enhance business lines and further the company's global focus on green energy. 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."

Cornerstone's management team has extensive experience developing and acquiring power generation facilities.  They will remain in place at OCI Solar Power and will continue their focus on making the company a leading provider of solar energy solutions.

"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."

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.

No impact on OCI Enterprises' legacy business, OCI Chemical Corporation, is expected. However, some OCI Chemical employees from the headquarters office in human resources, finance/accounting, information technology, legal and a new strategic planning function will become part of OCI Enterprises as part of a shared services structure to support the OCI Chemical and OCI Energy business units.

About OCI Enterprises

OCI Enterprises, headquartered in Atlanta, serves as the holding company for OCI Chemical and OCI Energy. OCI Chemical Corporation is one of the world's largest producers of natural soda ash and also produces sodium percarbonate and hydrogen peroxide. OCI Solar Power, a new business unit created through the acquisition of CornerStone Power Development, develops utility scale solar power plants in communities throughout the United States and Canada. OCI Enterprises is owned by OCI Company Ltd., headquartered in Seoul, Korea.

About CornerStone Power Development

CornerStone, an emerging leader in solar power development, was founded in 2009 by experts in the energy sector. The CornerStone management team has extensive experience in power plant development, ranging from gas, thermal and wind to solar photovoltaic. With 12 projects in the United States and Ontario, Canada, CornerStone works with local officials, community organizations, and leading environmental and engineering firms to ensure that each project is suitable for the community and is built in an environmentally conscious manner. OCI Solar Power, which will be the new name of CornerStone Power Development, has been formed to meet growing demand throughout the United States and Canada for renewable energy.

For more information, please visit www.ocisolarpower.com or www.cpdteam.com.

SOURCE OCI Enterprises