Canadian energy company Capital Power, Samsung Renewable Energy and Pattern Renewable Holdings Canada have entered into a limited partnership for the development, construction and operation of a 270MW wind farm in Ontario, Canada. The project is expected to cost between C$750m ($770m) and C$900m ($924), the majority of which will be funded through project financing.
The Ontario Power Authority has signed a purchase power agreement for the Kingsbridge II (K2) development, which the partners expect to begin constructing in 2013, with operation scheduled for the year after. When the plant is running the partners will have an equal income interest in the project.
Capital Power has been working on the development since 2006 and operates the nearby Kingsbridge I wind farm. It will continue to lead the provincial Renewable Energy Approval process and Samsung will serve as engineering, procurement and construction contractor. The turbine model and supplier has not yet been determined.
Brian Vaasjo, CEO of Capital Power, said, 'This agreement creates an opportunity for the development of one of Ontario's most promising renewable energy projects. Since its commissioning in 2006, our nearby Kingsbridge I project has twice been Ontario's best performing wind farm as measured by annual capacity factor. K2 will add significantly to Ontario's renewable energy resources, and is being developed in a proven wind regime.'
Cheol-Woo Lee, senior executive vice president of Samsung, added, 'K2 will provide a significant portion of the equipment demand needed to establish our successful manufacturing base here in Ontario - part of many significant milestones announced at the signing ceremony of the Green Energy Investment Agreement between the Korean Consortium and the Province of Ontario.'
Ontario is seeing a rapid advancement of its renewable sector as the Green Energy Act in 2009 has helped to establish investments worth C$20bn ($20.3bn) and the creation of 13,000 jobs in the province.