K2 Wind Power Project in Ontario Starts Operation
New 270 MW wind power facility uses Ontario-made turbines to generate clean power for up to 100,000 Ontario homes each year
GODERICH, ON, June 8, 2015 – Following 18 months of construction, the K2 Wind Power Facility (“K2 Wind”) in Ontario reached commercial operation on May 29, 2015. One of Canada’s largest wind projects, the 270 megawatt (MW) facility is owned and operated by Capital Power Corporation (TSX: CPX) and Capital Power LP (collectively, “Capital Power”), Samsung Renewable Energy Inc. (“Samsung”), and Pattern Energy Group LP (collectively referred to as “the partners”). Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”) has agreed to acquire one third of the project from its affiliate Pattern Energy Group LP.
With 270 MW of capacity, K2 Wind is equal in size to the largest wind power facility in Ontario, and is expected to generate clean energy for approximately 100,000 Ontario homes annually. Located in the Township of Ashfield-Colborne-Wawanosh (ACW) in southwestern Ontario, K2 Wind is comprised of 140 Siemens 2.3 MW wind turbines and operates under a 20-year PPA with the Independent Electricity System Operator (IESO).
“Samsung is proud to complete our third wind project under our Green Energy Investment Agreement with the government of Ontario,” said Steve Cho, Vice President, Samsung C&T. “K2 Wind created an average of 300 jobs during construction, with a peak of 500 workers. Samsung and its partners are creating jobs and investing in the community which are benefiting real people in ACW and across the province.”
“Along with Samsung and Capital Power, we are proud to develop one of the largest wind facilities in Canada, which was built using local workers and local materials, including turbine blades and towers manufactured in Ontario,” said Mike Garland, CEO of Pattern Energy. “K2 Wind is the result of Ontario’s commitment to green energy, providing the province with a strong new addition to its renewable energy fleet.”
“Thank you to the community, our partners and the people involved in K2 Wind. Completing a project of this magnitude requires a great deal of coordination and teamwork,” said Brian Vaasjo, President and CEO of Capital Power. “The addition of K2 Wind adds another 90 MW of owned wind capacity to our growing renewable energy portfolio.”
In efforts to contribute to the community, the partners focused on hiring locally. While in construction, K2 Wind was one of the largest infrastructure projects in Ontario. During its 18-month construction period, the project averaged over 300 workers on site. At peak construction, more than 500 workers were employed by the project.
Project components were manufactured in Ontario. The project’s 700 turbine tower sections were produced in Windsor by CS Wind and the 420 blades were built in Tillsonburg by Siemens directly supporting over 800 manufacturing jobs in Ontario. K2 Wind expects to have approximately 20 full-time operations and maintenance employees, along with an additional 10 seasonal positions.
K2 Wind has also created a Community Benefits Fund Agreement with the Township of ACW to deliver approximately $15 million in funding for community initiatives over the next 20 years and to support local residents living near the facility through lease agreements and other benefits.
About Samsung Renewable Energy Inc.
Samsung Renewable Energy is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world’s largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled jobs in Ontario. Built on Samsung C&T’s commercial and technical expertise and the success of its renewable energy projects in several countries – including the United States and Europe – Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visitwww.samsungrenewableenergy.ca.
About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns more than 3,200 megawatts of power generation capacity at 17 facilities across North America and owns 371 megawatts of capacity through a power purchase agreement. An additional 545 megawatts of owned generation capacity is under construction or in advanced development in Alberta and North Carolina.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ (“PEGI”) and Toronto Stock Exchange (“PEG”). Pattern Energy has a portfolio of 16 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,112 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy’s wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the number of Ontario homes for which the K2 Wind facility is expected to generate clean energy, the number of full-time operations and maintenance employees at the facility, the number of seasonal positions at the facility, and the amount of funding for community initiatives over the next 20 years. These forward-looking statements represent the partners’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the partners’ control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the partners do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the partners to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in any of the partners’ public annual report on Form 10-K or other form and any quarterly reports on Form 10-Q or other form . The risk factors and other factors noted therein could cause actual events or the partners’ actual results to differ materially from those contained in any forward-looking statement.
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Tim Smitheman, Samsung Renewable Energy
Matt Dallas, Pattern Energy
Michael Sheehan, Capital Power