August 12, 2011 | 6 Comments
South Korea-based Samsung C&T Corp. has signed a $3 billion (Canadian) contract to build wind and solar energy plants in Ontario.
News reports said that under the terms of the contract, Samsung C&T will build 520-megawatt projects in the Haldimand and Chatham-Kent regions and 550-MW projects in Kingston and Bruce. Korea Electric Power Corp. will design the plants’ electrical wiring and operate the plants.
Samsung C&T said the contract represents the first two steps of a five-step plan over two decades to build and operate 2,000 MW of wind capacity and 500 MW of solar power capacity in the province.
Construction is expected to begin in 2012 and be completed by 2014.
In 2010, Samsung committed to invest $7 billion ($7.07 billion American) under Ontario’s Green Energy Act. That investment pledge came in exchange for $110 million ($111.17 million) in subsidies over the next 25 years.
This article was reprinted with permission from Power Engineering as part of the PennWell Corporation Renewable Energy World Network and may not be reproduced without express written permission from the publisher.