US-based Evolution Solar Corp. has the legal and administrative process to set up a Bermuda subsidiary with the aim of competing in the Bermuda solar power market.

Evolution Solar announced last month that the company had decided to form the new subsidiary - a necessary step for meeting contractual eligibility under Bermuda law. It said the move would enable the company to "aggressively pursue business opportunities created as a result of Bermuda Government's Solar Photovoltaic Rebate Initiative for residential users".

Government has signalled its intent to move from current fossil-fuel supplies to non-fossil fuel based energy in the future and Evolution Solar said it wants to play a role in helping to reduce dependency on expensive oil imports.

"It is one more step in a positive direction as we pursue our goal of becoming a true player in the Bermuda solar marketplace - whether it is commercial or residential applications, we want offer solutions that make sense," said Robert Hines, president of Evolution Solar in a statement. Mr. Hines did not respond to a message requesting further comment by press time yesterday.

Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be placed at the university's Houston campus.