Canada signs C$7 billion clean energy deal with Korean consortium
22 Jan 2010
The provincial government of Ontario signed yesterday a historic C$7 billion ($6.7 billion) deal with a Korean consortium led by Samsung C&T Corporation and Korea Electric Power Corporation to generate 2,500 megawatts (MW) of clean energy using wind and solar power, a government press release said.
Ontario is Canada's leading province in wind and solar power generation. The new deal announced by the province's premier Dalton McGuinty will triple Ontario's output from renewable sources and provide clean electricity to more than 580,000 households.
"Thanks to today's announcement, we will be delivering more green energy for Ontarians to use, and more green energy products for North America to buy,'' McGuinty said.
''With this step, Ontario is becoming the place to be for green energy manufacturing in North America," he added.
Seoul-based Samsung C&T Corporation, formerly Samsung Corporation is primarily engaged in diverse engineering construction activities, investment and trading. KEPCO is Korea's premier utility company with an installed capacity of over 60,000MW, and also has operations in Philippines, China, Lebanon, Myanmar Libya and Nigeria.
Under the deal, the consortium will construct of 2,000MW of wind power and 500MW of solar power facilities by 2016, and operate it for 20 years.
