Facility generating approximately $15 million in funding for community initiatives over the next 20 years
GODERICH, Ontario, Sept. 3, 2015 /CNW/ -- The K2 Wind Power Facility ("K2 Wind") in Ontario held a Grand Opening Event hosted by Samsung Renewable Energy Inc. ("Samsung"), Capital Power Corporation (TSX: CPX) and Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (Pattern Energy"). One of Canada's largest wind power facilities, the 270 megawatt (MW) K2 Wind facility is located in the Township of Ashfield-Colborne-Wawanosh (ACW) in southwestern Ontario, and is expected to generate clean energy for approximately 100,000 Ontario homes annually. The commissioning of K2 Wind allowed Canada to surpass 10 gigawatts (GW) of installed wind energy capacity, making it the seventh country in the world to reach this level of wind power capacity, according to the Canadian Wind Energy Association.
"On behalf of the Council of the Township of Ashfield-Colborne-Wawanosh I would like to congratulate everyone who had a part in this long and complex project that created one of Canada's largest wind-energy facilities," said Deputy Reeve Roger Watt. "We would especially like to thank K2 Wind for its commitment to the Community Benefit Fund. This will enable the Township to undertake infrastructure-improvement and community-development projects over the next 20 years that we otherwise simply would not be able to pursue."
"Samsung is proud to be part of the Ashfield-Colborne-Wawanosh community and is excited to complete our third wind project in Ontario," said Mr. Steve Cho, Vice President, Samsung C&T. "The K2 Wind facility along with our other projects in the Province are creating thousands of high-skilled jobs that will benefit real people in this community and across Ontario."
"As one of the largest wind power facilities in Canada, K2 Wind is a significant addition to our renewable energy capacity," said Darcy Trufyn, Capital Power's Senior Vice President Operations, Engineering and Construction. "Yesterday, we celebrated the grand opening of K2 Wind, thanked the community for their support and acknowledge all those who have worked with us on the project."
"This event is to thank the community, the landowners and the local officials that worked to make this project possible," said Mike Garland, CEO of Pattern Energy. "Going forward, K2 Wind will return many benefits to the community by providing ongoing funding for important community projects and initiatives at the same time helping to reduce pollution for Ontario and the globe."
"Congratulations to our partners on the completion of the K2 Wind farm. With locally produced steel, towers, and blades, K2 Wind is another great example of the positive economic impact the wind power industry has on the Province of Ontario and is a progressive step towards environmental sustainability," said David Hickey, Vice President, Wind Power & Renewables, Siemens Canada Limited.
K2 Wind has created a Community Benefits Fund Agreement with the Township of ACW to deliver approximately $15 million in funding for community initiatives over the next 20 years. K2 Wind will also support local residents living near the facility through lease agreements and other benefits.
While in construction, K2 Wind was one of the largest infrastructure projects in Ontario. During its 18-month construction period, the project averaged over 300 workers on site. At peak construction, more than 500 workers were employed by the project.
The facility's wind turbine components were manufactured in Ontario. A total of 700 turbine tower sections were produced in Windsor by CS Wind and the 420 blades were built in Tillsonburg by Siemens, directly supporting over 800 manufacturing jobs in Ontario. K2 Wind expects to have approximately 20 full-time operations and maintenance employees, along with an additional 10 seasonal positions.
K2 Wind is comprised of 140 Siemens 2.3 MW wind turbines and operates under a 20-year PPA with the Independent Electricity System Operator (IESO).
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 direct renewable energy manufacturing jobs and 9,000 high-skilled 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 www.samsungrenewableenergy.ca.
About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns more than 3,200 megawatts of power generation capacity at 17 facilities across North America and owns 371 megawatts of capacity through a power purchase agreement. An additional 545 megawatts of owned generation capacity is under construction or in advanced development in Alberta and North Carolina.
About Pattern Energy
Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 16 wind power projects with a total owned interest of 2,282 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the number of Ontario homes for which the K2 Wind facility is expected to generate clean energy annually, the number of jobs the K2 Wind facility and other projects in Ontario are creating, and the amount of funding the Community Benefits Fund can deliver for community initiatives over the next 20 years. These forward-looking statements represent the partners' expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the partners' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the partners do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the partners to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in any of the partners' annual report on Form 10-K, any quarterly reports on Form 10-Q or other form. The risk factors and other factors noted therein could cause actual events or the partners' actual results to differ materially from those contained in any forward-looking statement.
Tim Smitheman, Samsung Renewable Energy
Michael Sheehan, Capital Power
Matt Dallas, Pattern Energy
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SOURCE Pattern Energy Group Inc.