A consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation (KEPCO) will invest CAD$7 billion (€4.7 billion) to generate 2,500 MW of wind and solar power; tripling Ontario's output from renewable wind and solar sources and providing clean electricity to more than 580,000 households.
It is also estimates that the investment will lead to more than 16,000 new green energy jobs to build, install and operate the renewable generation projects.
"Thanks to today's announcement, we will be delivering more green energy for Ontarians to use. With this step, Ontario is becoming the place to be for green energy manufacturing in North America," said Dalton McGuinty, Premier of Ontario.
The Korean consortium will also work with major partners to attract four manufacturing plants. This will lead to the creation of 1,440 manufacturing and related jobs building wind and solar technology for use in Ontario and export across North America.
The consortium fully intends to use Ontario-made steel in its renewable energy projects, such as constructing its wind turbine towers.
"This is an exciting opportunity to help create new manufacturing facilities and be on the cutting edge of an emerging renewable energy supply sector in Ontario," said Chan-Ki Jung, Executive Vice-President, Korea Electric Power Corporation.
This is the single-largest investment in renewable energy in provincial history. The consortium chose Ontario because the province’s Green Energy Act guarantees stable rates for renewable energy. Ontario is Canada's leading province in wind and solar power.
"We commend Ontario for creating a welcoming climate for green energy investment. Samsung takes pride in its global efforts to support a more sustainable future and looks forward to working with Ontario residents and businesses to create clean, green power," said Sung-Ha Chi, President and CEO, Samsung C&T Corporation.
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