Arise Technologies forms JV with Sky Solar unit

(Reuters) - Canada's Arise Technologies Corp said it set up a joint venture with Sky Solar (Canada) Ltd to provide engineering, procurement and contracting services for projects under the Ontario FIT program.

Sky Solar will provide operating funding to the joint venture, said Arise, which provides turnkey PV solutions for solar farms and rooftop installations.

Sky Solar (Canada) is a unit of Sky Solar Holding Co, which builds and operates solar PV installations.

Ontario's feed-in tariff (FIT) program, enabled by the Green Energy and Green Economy Act 2009, offers stable prices under long-term contracts for energy generated from renewable sources, including photovoltaic (PV) solar.

Engineering, procurement and contracting (EPC) staff from Arise's systems division will become employees of the joint venture and join the Sky Solar engineers to deliver EPC services to customers in Ontario.

Shares of Ontario-based Arise were up 11 percent at 25 Canadian cents in morning trade Friday on the Toronto Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)