MONTREAL, Oct. 22, 2013 /CNW Telbec/ - Laurentian Bank is pleased to announce its participation in a financial consortium for the construction of a 270 MW wind farm in the southern Ontario municipality of Chatham-Kent. The enterprise to be operating this wind farm — South Kent Wind LP is indirectly owned by Pattern Energy Group Inc. and Samsung Renewable Energy Inc., a wholly owned subsidiary of Samsung C&T Corporation.
Being built in accordance with the provisions of the Ontario Green Energy Act, the project is part of an agreement with the Ontario government by virtue of which the Samsung C&T Corporation intends to develop 1,370 MW of wind and solar energy. Having started in March of this year, construction of the wind farm is slated for completion in Spring 2014. As of then, the farm will generate clean, renewable energy that could meet the annual needs of 100,000 residences in Ontario, and the electricity produced will allow for the elimination of the equivalent of 842,000 tonnes of carbon dioxide generated by coal-fired power plants.
"This promising project is situated in one of the most active regions for wind development in Ontario, where we are getting more and more involved," explains Éric Provost, Laurentian Bank's Senior Vice-President, Business Services. "Thanks to our Commercial team specialised in renewable energies and infrastructure project financing, Laurentian Bank is well positioned to take advantage of the excellent opportunities offered by the rapidly expanding green energy market."
Ontario is presently the largest producer of wind energy in Canada, with total installed power of 2,242 MW. For their part, the 162 Canadian wind farms represent total installed power of 6,927 MW, currently meeting 3% of the country's energy requirements.
About Laurentian Bank
Laurentian Bank of Canada is a pan-Canadian banking institution that has more than $34 billion in balance sheet assets and $37 billion in assets under administration. Founded in 1846, Laurentian Bank was selected in 2012 as one of the 10 winners of the Canada's Passion Capitalists program in recognition of its sustained success through the promotion of passion within its ranks. The Bank employs more than 4,200 people.
Recognized for its excellent service, proximity and simplicity, Laurentian Bank serves more than one million clients in market segments in which it holds an enviable position. In addition to occupying a choice position among consumers in Québec, where it operates the third largest branch network, the Bank has built a solid reputation across Canada in the area of real estate and business financing thanks to its teams working out of more than 35 offices in Ontario, Quebec, Alberta and British Columbia. Its subsidiary, B2B Bank, is a Canadian leader in providing banking products as well as investment accounts and services to financial advisors and brokers, while Laurentian Bank Securities is an integrated broker, widely known for its expertise and effectiveness nationwide.
SOURCE: Laurentian Bank of Canada
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