By Atlanta Business Chronicle

Atlanta chemical and energy holding company OCI Enterprises bought CornerStone Power Development for an undisclosed sum.

Chicago-based CornerStone is a utility scale solar power plant development company. It has 12 projects with more than 130 megawatts in development in the United States and Ontario, Canada. It will become OCI Solar Power and will be a part of the new OCI Energy division. The company said it 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 of 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 Enterprises is a unit of Korea-based OCI Company Ltd., which is a green energy company and producer of high-purity polysilicon, a key raw material in solar PV panels.

Copyright 2011 American City Business Journals

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