In what is being touted as one of the largest clean energy deals to date, a consortium led by Samsung C&T Corporation and Korea Electric Power Corporation (NYSE:KEP) signed a C$7 billion deal with the government of Ontario, Canada.
The $7 billion invested by the consortium will see the building of 2,500 megawatts (MW) of clean energy using wind and solar power and the creation of an estimated 16,000 new jobs in the province. The group will also work with the provincial government to build four new wind turbine and solar energy component manufacturing plants.
According to the Ontario government, residents can expect to see their utility bill rise by an average of $1.60 a year – or 13 cents a month. Not bad for such an ambitious plan. The Samsung deal is made possible by the Ontario government’s Green Energy Act passed last year providing for some of the most generous feed-in tariffs in the world.
‘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.’