$7 billion renewable energy project will be largest of its kind in the world
TORONTO, Jan. 21 /CNW/ - The push for renewable energy alternatives in Ontario was given a major boost today after the Government of Ontario signed a green energy investment agreement with a consortium created by Samsung C&T Corporation - Trading and Investment Group and the Korea Electric Power Corporation (KEPCO).
Ontario Minister of Energy and Infrastructure Brad Duguid was joined by Premier Dalton McGuinty, Samsung C&T Corporation President & CEO Sung-ha Chi and KEPCO Executive Vice President Chan-Ki Jung to officially announce the project and to sign the green energy investment agreement for the initiative, which will be the largest of its kind in the world.
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 2,000MW as well as solar power facilities that will generate up to 500MW. The entire project will have a combined power-generating capacity of 2.5GW by 2016, producing energy equivalent to four per cent of Ontario's total electricity consumption.
The Province plans to shut down all of its coal-fired power plants by 2014 and increase Ontario's ratio of renewable power generation. Ontario is currently a North American leader in the adoption of green energy policies with its passing of the Green Energy Act in May 2009.
"The newly enacted green energy law is bringing forth a new green wave in Ontario as it comes into effect," said Minister Duguid. "By executing this project, the Ontario government will be one step closer to taking the lead in the North American green energy industry by securing the industrial infrastructure for low-carbon growth, creating new jobs and establishing a renewable energy cluster."
The first stage of the project is scheduled to be completed by the first quarter of 2013 and will include a 500MW cluster (400MW wind and 100MW solar) that will be built in the Chatham-Kent and Haldimand County regions of Southern Ontario.
"This project is a good example of Samsung C&T receiving recognition in developed markets for its ability to manage and carry out projects, from planning and financing to execution," said Samsung C&T Corporation President and CEO Sung-ha Chi. "With rapidly expanding expertise in the renewable energy sector, this project marks the forging of a win-win partnership where Samsung C&T will provide optimal solutions to assist the Government of Ontario in reaching its goal to increase the amount of renewable energy produced in the province."
Samsung C&T Corporation is rapidly becoming a world leader in the facilitation of major renewable energy programs including solar, wind and bio-energy. Through strategic partnerships with key renewable energy corporations, Samsung C&T is currently engaged in renewable energy projects in Korea, Italy, Greece, Turkey, Costa Rica and the U.S.
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.
For more information about Samsung C&T, please visit www.samsungcnt.com.
SOURCE Samsung C&T Corporation
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