Korean Companies Anchor Ontario's Green Economy
$7-Billion Investment Means Green Energy And 16,000 New Jobs For Ontario
The McGuinty government has signed an agreement that will bring more green energy and new jobs to Ontario.
A consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation (KEPCO) will invest $7 billion to generate 2,500 megawatts of wind and solar power. These projects will triple Ontario's output from renewable wind and solar sources and provide clean electricity to more than 580,000 households.
The investment will also lead to more than 16,000 new green energy jobs to build, install and operate the renewable generation projects.
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 the single-largest investment in renewable energy in provincial history. The consortium chose Ontario because our Green Energy Act guarantees stable rates for renewable energy.
- Over 1,200 megawatts of new renewable projects, representing $2.8 billion of investment, have started up in Ontario since 2003.
- Ontario is Canada's leading province in wind and solar power.
- The Green Energy Act will create 50,000 new jobs in the green energy sector.
- CO2 emissions from coal-fired power generation are 73 per cent lower than 2003 levels, with four more units coming offline in fall, 2010.
“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. With this step, Ontario is becoming the place to be for green energy manufacturing in North America.”
“This is a huge achievement for Ontario and we look forward to more green energy success stories. These projects will help clean up our air and replace dirty, coal-fired generation as well as bring more green-collar jobs to communities across the province.”
“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.”