Samsung Invests $7B in Ontario Wind & Solar

Samsung Invests $7B in ontario Wind & Solar

Ontario, Canada [RenewableEnergyWorld.com]

This week, a consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation (KEPCO) announced that it plans to invest CAN $7 billion to generate 2,500 megawatts of wind and solar power in ontario, Canada.

The ontario government will provide assistance in securing the land for the construction of cluster installations and provide administrative assistance for the project while also purchasing the produced electricity.

According to the terms of the green energy investment agreement, Samsung C&T and KEPCO will establish and operate a series of wind and solar power clusters over the next 20 years. The clusters, which will be built in several locations throughout the province, will eventually include wind turbines that will generate up to 2,000 MW as well as solar power facilities that will generate up to 500 MW.

The entire project will have a combined power-generating capacity of 2.5 GW by 2016, producing energy equivalent to four per cent of ontario`s total electricity consumption.

The first stage of the project is scheduled to be completed by the first quarter of 2013 and will include a 500 MW cluster (400 MW wind and 100 MW solar) that will be built in the Chatham-Kent and Haldimand County regions of Southern ontario.

Samsung C&T and KEPCO will support the development of local infrastructure for the renewable energy industry by constructing production facilities to provide key components, such as blades, wind towers, solar modules and inverters.

Samsung C&T will also encourage component suppliers to build manufacturing facilities in the area. In total, the project is expected to generate more than 16,000 green energy jobs within the province.

Samsung C&T will facilitate all project operations, overseeing the entire process of establishing the wind and solar power cluster, procuring equipment and financing while KEPCO, with its expertise in power generation technology, will be responsible for designing and connecting the transmission and distribution system in operating the plant facilities.

The ontario government will provide assistance in securing the land for the construction of cluster installations and provide administrative assistance for the project while also purchasing the produced electricity.