MISSISSAUGA, ON, June 20, 2013 /CNW/ - Samsung C&T announced today that
it has reached agreement with the Government of Ontario to amend the
Green Energy Investment Agreement (GEIA).
The contract now commits Samsung and its partners to invest $5-billion
in Ontario, to develop a total of 1,369 megawatts (MW) of renewable
energy over three phases by 2016. Under the previous version of the
GEIA, Samsung and its partners had pledged to invest $7-billion in the
development of 2,500 MW over five phases by 2016.
Samsung remains fully committed to its projects that are currently
underway, to creating all planned high-skilled local jobs at its
manufacturing and construction partners and to fulfilling its
contractual obligations. Samsung is moving full-steam ahead on its
Phase 1 projects in Chatham-Kent and Haldimand County and its Phase 2
projects in Huron-Bruce and Kingston and Loyalist Township.
In addition, Samsung will support all of its Ontario manufacturing
partners' efforts to develop export markets beyond this project.
Ki-Jung Kim, Executive Vice President of Samsung C&T said:
"As a globally responsible company, Samsung believes strongly in the
importance and potential for renewable energy in Ontario and around the
world. Continued renewable energy development is critical in
eliminating our dependence on dirty coal production and protecting the
air that we breathe.
Beyond the environmental and health benefits, the renewable energy
sector is creating needed jobs in the province. Hundreds of local
Ontario workers have already begun making Samsung's renewable energy
projects a reality and there are many more jobs planned for the
We also believe that being part of an engaged, supportive community is
critical for our success. That's why we have established benefit funds
worth tens of millions of dollars that address health, education,
environmental and aboriginal needs identified by each of our
Changing economic conditions in the province and our vital work to
engage our communities have impacted our original timelines. The
revised agreement allows us to deliver 1,369 MW within timelines that
take into account these realities.
We are pleased to continue our positive working relationship with the
government and, in particular, with the Minister of Energy. Together
with the government, we are protecting our environment and bringing
renewable energy jobs to the people of Ontario through our newly
amended agreement. As has been the case since the start of our
projects, we will continue to work within the regulatory process in
partnership with the government."
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 high-skilled
jobs in renewable energy and thousands of 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 visit
SOURCE: Samsung Renewable Energy Inc.
For further information:
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