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Samsung Deal: Ontario All Set to Become a Leader in Green Power Development
Samsung Deal: Ontario All Set to Become a Leader in Green Power Development
The Ontario Government signed a multi billion dollar deal with a South Korean consortium of Samsung and Korea Electrical Power Corporation (KEPC) to develop green energy in the region.
Hyderabad,
AP,
India
(prbd.net)
18/02/2010
"Samsung Deal: Ontario All Set to Become a Leader in Green Power Development"
The Ontario Government signed a multi billion dollar deal with a South Korean consortium of Samsung and Korea Electrical Power Corporation (KEPC) to develop green energy in the region. The consortium’s investment of an estimated US$6.7 billion into the green energy projects will result in an addition of 2,500 MW of new installed capacity for wind and solar power. The total investment towards this project is spread over a period of 20 years. As part of the agreement, Samsung and KEPC will develop and operate new wind farms worth 2,000 MW and 500 MW capacity of solar power. In addition to this, the companies will build a manufacturing supply chain and will produce equipment for solar and wind power industry within the province.
The project is to be implemented in five phases – phase I of the project is all set to begin in 2012 with the construction of a 500 MW renewable energy cluster in southern Ontario. Phase I of the project includes 400MW of wind energy and 100MW of solar power. The renewable power output from the phase I of the project will replace power generated by a coal plant in the region, which is due to be decommissioned by 2014.
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