Together with its partners, Samsung signs 6 Power Purchase Agreements to provide 1,070MW of renewable energy to Ontario Power Authority by 2014
NEWS:
(Mississauga, ON) – Samsung Renewable Energy Inc. (Samsung), together with its partner companies Pattern Energy Group LP (Pattern) and Capital Power LP, together with Capital Power Corporation, (Capital), today announced they have signed six (6) Power Purchase Agreements with the Ontario Power Authority that will result in 1,070 megawatts of renewable wind and solar energy to be developed over the next three years.
The Power Purchase Agreements signed with the Ontario Power Authority cover: 100 MW of Solar generation in HaldimandCounty (Samsung) 100 MW of Solar generation in the City of Kingston and LoyalistTownship (Samsung) 150 MW of Wind generation in HaldimandCounty (Samsung and Pattern) 270 MW of Wind generation in Chatham-Kent (Samsung and Pattern) 180 MW of wind generation in Kincardine (Samsung and Pattern) 270 MW of Wind generation in the Township of Ashfield-Colborne-Wawanosh (Samsung, Pattern, Capital)
Today’s announcement is a direct result of Samsung’s Green Energy Investment Agreement with the Government of Ontario, which commits Samsung and its partners to bring $7-Billion in investment to Ontario to create new manufacturing jobs and capacity and generate 2,500 megawatts of renewable energy.
QUOTES:
“Together with our partners, Samsung is making an unprecedented $7-Billion private sector investment in Ontario. This investment will create the world’s largest cluster of wind and solar power, putting Ontario on the global renewable energy map. Today’s announcement is a major milestone for our project and the signed power purchase agreements allow us to move forward confidently to create real jobs and real clean energy in Ontario, for generations to come.”
–Cheol-Woo Lee, Senior Executive Vice President, Samsung C&T Corporation.
“These agreements represent a historic commitment to creating jobs, building factories and installing wind power projects in Ontario. Pattern, Samsung and the government have invested a huge amount of time and money in this effort which has already resulted in two new factories being developed and constructed by Siemens and CS Wind in Ontario which will support the wind industry for years to come. Tens of millions of dollars have already been invested in the development of these wind projects and factories. Pattern is very excited about completing the permitting process and working with the communities where our projects are located so we can start construction of these important projects.”
–Mike Garland, CEO, Pattern Energy
“Today’s agreement creates an opportunity for the development of one of Ontario’s most promising renewable energy projects. Since its commissioning in 2006, Capital Power’s nearby Kingsbridge I project has twice been Ontario’s best performing wind farm as measured by annual capacity factor. Our joint project with Samsung and Patternwill add significantly to Ontario’s renewable energy resources, and is being developed in a proven wind regime.”
–Brian Vaasjo, President & CEO, Capital Power
KEY FACTS: The Green Energy Investment Agreement was signed in January, 2010, between Samsung, the Korea Electric Power Corporation (KEPCO) and the Government of Ontario. The commercial agreement commits Samsung and its partners to bring $7-Billion in new investment to Ontario.
Because of this Agreement, Ontario will see:
- New manufacturing. Samsung and its partners will construct four manufacturing facilities to produce wind towers and blades, as well as solar modules and inverters for their projects in Ontario. These facilities will also export these products around the world – placing Ontario at the forefront of the global shift to renewable power.
- New jobs. Samsung and its partners will create 16,000 direct and indirect jobs as a result of their investment, providing opportunity to communities hard hit by the global recession. 1,800 jobs have already been announced in Windsor, Tillsonburg and Toronto and over 600 people are working.
- New clean energy. 2,500 megawatts of renewable wind and solar energy will be created as a result of the Agreement, reducing Ontario’s dependence on dirty coal. Samsung and its partners have invested in excess of $100-Million to date in Ontario and have already finalized more than 600 land agreements with farmers and landowners.
ABOUT SAMSUNG:
Founded in 1938, Samsung C&T is involved in a broad and growing portfolio of businesses, delivering creative, integrated business solutions to customers worldwide through a network of over 100 offices in 44 countries. Samsung C & T, Korea Electric Power Corporation (KEPCO) and its partners are building the world’s largest renewable energy cluster in Southern Ontario. Samsung was selected by the Ontario Government for its rapidly expanding expertise in the alternative energy field, but also for the proven track record of constructing projects of similar scale from planning and financing to execution. Built on the success of our renewable energy projects in several countries – including the United States, Australia and Italy – Samsung recognized Ontario as a province that was open for business and welcoming of new jobs and investment. For more information: www.samsungrenewableenergy.com
ABOUT PATTERN:
Pattern Energy Group LP is an independent, fully integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets in the U.S., Canada and Latin America. With a long history in wind energy, Pattern’s highly-experienced team of scientists, engineers, construction experts, and legal and financial professionals has developed, financed and placed into operation more than 2,500 MW of wind power projects. Pattern is strongly committed to promoting environmental stewardship and is dedicated to working closely with landowners and communities to create premier renewable energy projects. Pattern currently operates 520 MW of wind energy in the U.S. and Canada. The Company’s development pipeline exceeds 4,000 MW of renewable energy projects
and includes multiple transmission projects. Pattern has offices in San Francisco, San Diego, Houston, New York, and Toronto. For more information: www.patternenergy.com
ABOUT CAPITAL:
Capital Power is a growth-oriented North American independent power producer, building on more than a century of innovation and reliable performance. The Company’s vision is to be recognized as one of North America’s most respected, reliable and competitive power generators. Headquartered in Edmonton, Alberta, Capital Power has interests in 34 facilities in Canada and the U.S. totalling nearly 4,900 megawatts of generation capacity. Capital Power and its subsidiaries develop, acquire and optimize power generation from a wide range of energy sources. For more information: www.capitalpower.com.
