Daewoo, Nova Scotia in C$90 million wind turbine deal
06 Mar 2010
Korean industrial heavyweight Daewoo Shipbuilding and Marine Engineering Ltd. (DSME) has joined hands with Canada's Nova Scotia government to build a C$90 million ($87.3 million) wind turbine components plant in Trenton, in Pictou County, the Nova Scotia prime minster's office said in a statement yesterday.
DSME will contribute $20.4 million and will hold 51 per cent of the common shares and the province will contribute $19.6 million and will hold 49 per cent of the common shares.
Through the Industrial Expansion Fund, the province will also contribute start-up financing - a $30 million loan for new equipment, a loan of up to $6 million for working capital, and a $4-million forgivable loan to acquire land and buildings - which brings the state's total contribution to C$60 million.
The federal government will chip in the balance $10 million through the Atlantic Canada Opportunities Agency.
"Today is an exciting day, because this partnership will help create the secure jobs our economy needs, employing up to 500 Nova Scotians within three years," said Nova Scotia Prime Minister Darrell Dexter.
"This new facility will also showcase and develop Nova Scotia's leadership in renewable energy and the green economy," he said, adding that the agreement will have immediate benefits, with about 120 staff employed within the first year of operation.
.webp)
