OCI Forges Alliance to Generate Photovoltaic Power
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OCI Forges Alliance to Generate Photovoltaic Power
Sings an agreement to install a 4.6MW photovoltaic power plant on rooftop of Bridgestone plant in Wuxi, China

25(Fri), Sep, 2015



OCI President Lee Woo-hyun.





OCI Wuxi Solar President Kang Hak-ji, General Manager Masayuki Kuribayashi, and Vice Director Hong Yanweiof Wuxi City sings a deal to install a photovoltaic power plant on the rooftop of the Bridgestone plant in Wuxi, Jiangsu, on Sept. 1.(Photos:OCI)



OCI has teamed up with Bridgestone, the world¡¯s largest tire and rubber company, to expand its presence in the Chinese photovoltaic power generation market. 

OCI signed a deal to install a 4.6MW photovoltaic power plant on the rooftop of the Bridgestone plant in Wuxi, Jiangsu, and supply power for the next 25 years. Under the agreement, OCI will supply power from the photovoltaic plant to Bridgestone on a gradual basis. The deal is forecast to bring $19 million (some 22.3 billion won) in revenues to OCI during the 25-year period. 

Earlier, OCI singed an MOU with the Wuxi municipal government on the development of photovoltaic power plants with a combined capacity of 200MW. OCI¡¯s project with Bridgestone is the first one done under the agreement with the Wuxi municipal government. 

Bridgestone ranked 1st in the global tire market in terms of sales as of 2014. The company supplies tires from the Wuxi plant to Japanese and other global automakers, including Honda, Volkswagen, GM and Ford. 

Under the latest agreement, OCI will be charged with the construction and operation of the photovoltaic power plant, and Bridgestone will supply the site and structures of its Wuxi plant for power generation.

¡°OCI¡¯s collaboration project with Bridgestone will serve as an opportunity to aggressively penetrate the Chinese photovoltaic power market, which emerges as the world¡¯s largest market, in order to secure growth and profitability,¡± said OCI President Lee Woo-hyun. 


OCI to sell USA Soda Ash subsidiary OCI Chemical

OCI announced that it has signed an agreement to sell OCI Chemical Corp. (100 percent owned), a chemical business affiliated with OCI Enterprises Inc., a holding company directing its North American business, to Park Holding A.S., a subsidiary of Ciner Group for $429 million (491.8 billion won).

OCI Chemical owns approximately 73 percent (14.55 million limited partner units) of OCI Resources LP (NYSE: OCIR) (¡°OCI Resources¡± or the ¡°Partnership¡±), as well as a 2 percent general partner interest in the Partnership and 100 percent of the Partnership¡¯s incentive distribution rights. OCI Chemical¡¯s interest in its Sodium Percarbonate and Hydrogen Peroxide business is not included in the transaction.

OCI Resources owns a controlling interest comprised of a 51percent membership interest in OCI Wyoming LLC (¡°OCI Wyoming¡±), one of the largest and lowest-cost producers of natural soda ash in the world. Soda ash is used in the glass manufacturing process and as a raw material for detergent and soap, etc. OCI originally invested $150 million in OCI Wyoming in 1996. The remaining 49 percent interest in OCI Wyoming LLC is owned by a wholly owned subsidiary of U.S. Natural Resource Partners LP (NYSE: NRP).

An OCI official said, ¡°This transaction means we can secure funds to develop new business in North America, including solar photovoltaics. OCI is carrying out its strategy of seeking both growth and profit on the basis of its key businesses such as solar PV, energy storage systems and chemical materials.¡±

OCI entered the U.S. solar PV market in 2011 and acquired specialized subsidiary OCI Solar Power. The company is positively developing solar PV, including winning a 400MW solar PV power supply contract in San Antonio, Texas in 2012.

Ciner Group, through its subsidiary, Eti Soda, operates a natural soda ash production facility in the world's second largest trona ore bed located in Beypazarri, Turkey.


   
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