For Immediate Release
August 3, 2011

Media Statement – Samsung C&T Responds to Revised Green Energy Investment Agreement Announcement

 

(Mississauga, ON) – Through our investments in Ontario and around the world, Samsung C&T is committed to doing our part to create clean, renewable energy for generations to come. That is why we agree with today’s announcement by the Government of Ontario concerning the revised Green Energy Investment Agreement (GEIA), first signed in January, 2010.

 

Earlier this year, Samsung C&T formally requested the same one-year extension to the Commercial Operation Date of our projects that was granted to the rest of the Feed-In Tariff proponents in February. In exchange, Samsung has agreed to a more aggressive project timetable – we will continue to work tirelessly to open all four manufacturing facilities one year earlier than scheduled, bringing more of the expected 16,000 jobs on stream sooner. In addition, Samsung has agreed to a significant reduction in the maximum value of the Economic Development Adder contained in the GEIA, as for us, realizing this $7-Billion, world-leading project, remains our top priority.

 

Samsung and our partners – including some of the world’s leading renewable energy companies – remain on an ambitious project timetable. Together, we have already: Invested in excess of $100-million in Ontario; Finalized more than 600 land agreements with farmers and landowners; Signed six Power Purchase Agreements with the Ontario Power Authority, covering the production of 1,070MW of wind and solar projects; Announced three (of four) manufacturing plants, representing 1,800 jobs – with over 600 people already working:

  • 200 jobs for the production of Solar Inverters in Toronto;
  • 700 jobs for the production of Wind Towers in Windsor;
  • 900 jobs for the production of Wind Blades in Tillsonburg;

Samsung C&T is proud of our unprecedented $7-Billion investment in Ontario. Today’s announcement brings us one step closer to creating the world’s largest cluster of wind and solar power, putting Ontario on the global renewable energy map.

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