For Immediate Release
August 30, 2011
Samsung Renewable Energy Response to Ontario PC Party Release
(Mississauga, ON) – The following is a statement in response to the Ontario PC Party press release entitled “Samsung Deal to Boost Costs of Energy Exports by up to $786 Million Annually:”
“Samsung C&T (“Samsung”) believes it is important for the public to have the facts regarding its Agreement with the Government of Ontario, including the investments made and jobs created to date. The company remains committed to fulfilling the terms of its Agreement and as a global, neutral company, has no interest in entering into a political debate. However, Samsung feels compelled to respond to the above release as it crosses the line from constructive dialogue into idle, unsubstantiated speculation.
More than ever, the facts matter and they speak for themselves:
FACT: Samsung has a signed, commercial Agreement with the Government of Ontario that commits the company and its partners to invest $7 Billion in private capital into Ontario’s economy and kick-start a whole new industry in our province. 16,000 jobs will be created by Samsung and its partners as a result.
FACT: Samsung’s Agreement will ultimately result in the creation of 2,500 megawatts of clean energy production – enough energy to power 600,000 homes. As the province phases out coal power in the years ahead, Samsung’s projects will begin operation and replace that generation capacity.
FACT: Samsung’s Agreement will see the creation of four new manufacturing facilities to produce state-of-the-art wind turbines and solar panels for its projects in Ontario, and for export around the world. Three of the facilities are now under construction and as a result, 600 people are at work today. 1,800 people will ultimately have jobs because of Samsung’s manufacturing commitment.
FACT: Samsung has attracted some of the world’s leading green energy companies to Ontario – including Siemens, SMA, CS Wind, Pattern Energy and Capital Power. Together with its partners, Samsung has already invested $150 million in Ontario to date and signed over 600 agreements with farmers and landowners to place its made-in-Ontario wind turbines on their properties.
FACT: Earlier this month, Samsung signed six legally-binding Power Purchase Agreement contracts with the Ontario Power Authority that will see the first of its wind and solar projects operational in 2014, producing 1,070 megawatts of clean power.
Ontario’s taxpayers benefit from Samsung’s unprecedented investment in the province, from Samsung and its partners assuming all risk of cost overruns and project delays in the development of new energy production and from the creation of at least 16,000 new jobs. This is a win-win for Ontario’s taxpayers and hydro ratepayers alike. Samsung looks forward to continuing to partner with Ontario to create jobs in the production of clean energy for generations to come.”