Samsung and Connor, Clark & Lunn Announce Financing for 50MW Solar Project
SOUTHGATE SOLAR PROJECT TO CREATE HUNDREDS OF LOCAL JOBS IN THE COMMUNITY
Samsung Renewable Energy, Inc. (Samsung) and Connor, Clark & Lunn Infrastructure today announced the completion of a $190 million debt financing for the Southgate Solar project. The 50 megawatt (MW) Southgate Solar project, located in western Ontario, will utilize Ontario-made solar panels and inverters and will produce enough clean energy to meet the needs of approximately 7,600 homes in the province each year.
Hundreds of workers from across Ontario will be involved in every aspect of the Southgate Solar project – from manufacturing and assembly of solar panels and inverters, to site construction, installation and project operations. During the construction phase alone,more than 100 workers will be on site, including local subcontractors that will be utilized for various aspects of the project's development. The Southgate Solar project will begin construction soon,with completion scheduled for late 2016.
"Samsung is proud to be a part of the Southgate community and excited about our partnership with the township that will create local jobs," said Steve Cho, Vice President of Samsung C&T Corporation. "Samsung is dedicated to delivering meaningful economic benefits to communities where we are building clean, renewable energy projects."
"We would like to express our appreciation to the Township of Southgate for its strong support in helping us to achieve this important milestone and we look forward to making a positive economic contribution to the local community in the years to come," said Matt O'Brien, President of CC&L Infrastructure. "We would also like to thank our co-investment partner – Régime de rentes du Mouvement Desjardins – and acknowledge the significant involvement of our development partner, CarbonFree Technology Inc." Mr. O'Brien added, "Connor, Clark & Lunn Infrastructure is delighted to be making its fourth large solar investment with Samsung, increasing its portfolio of solar assets to approximately 350 megawatts and making it a leader in the rapidly growing North American solar industry."
In addition to producing clean power, the Southgate Solar project is bringing strong economic benefits to the community, with millions of dollars in local investment, including significant funding for community initiatives and taxes paid to the local municipality over 20 years.
Utilizing solar panels manufactured by Canadian Solar and solar inverters made by SMA America, the Southgate Solar project will help the province of Ontario reach its clean energy goals. Compared to coal-fired generation, the Southgate Solar project will offset approximately 70,000 tons of CO2 each year, the equivalent of taking nearly 14,800 cars off the roads.
About Samsung Renewable Energy
Samsung Renewable Energy is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world's largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled indirect jobs in Ontario. Built on Samsung C&T's commercial and technical expertise and the success of its renewable energy projects in several countries – including the United States and Europe – Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visitwww.samsungrenewableenergy.ca.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $63 billion in assets. For more information, please visit www.cclinfrastructure.com.
SOURCE Connor, Clark & Lunn Infrastructure
For further information: Tim Smitheman, Manager - Communications, Government and Public Relations, Samsung Renewable Energy, Inc., 416-817-9362, firstname.lastname@example.org; Greig McKenzie, Chief Marketing Officer, Connor, Clark & Lunn Financial Group Ltd., (416) 304-6634, email@example.com