Samsung C&T Statement on the Amended Green Energy Investment Agreement

Samsung C&T announced today that it has reached agreement with the Government of Ontario to amend the Green Energy Investment Agreement (GEIA).

The contract now commits Samsung and its partners to invest $5-billion in Ontario, to develop a total of 1,369 megawatts (MW) of renewable energy over three phases by 2016. Under the previous version of the GEIA, Samsung and its partners had pledged to invest $7-billion in the development of 2,500 MW over five phases by 2016.

Samsung remains fully committed to its projects that are currently underway, to creating all planned high-skilled local jobs at its manufacturing and construction partners and to fulfilling its contractual obligations. Samsung is moving full-steam ahead on its Phase 1 projects in Chatham-Kent and Haldimand County and its Phase 2 projects in Huron-Bruce and Kingston and Loyalist Township.

In addition, Samsung will support all of its Ontario manufacturing partners’ efforts to develop export markets beyond this project.

Ki-Jung Kim, Executive Vice President of Samsung C&T said:

“As a globally responsible company, Samsung believes strongly in the importance and potential for renewable energy in Ontario and around the world. Continued renewable energy development is critical in eliminating our dependence on dirty coal production and protecting the air that we breathe.

Beyond the environmental and health benefits, the renewable energy sector is creating needed jobs in the province. Hundreds of local Ontario workers have already begun making Samsung’s renewable energy projects a reality and there are many more jobs planned for the future.

We also believe that being part of an engaged, supportive community is critical for our success. That’s why we have established benefit funds worth tens of millions of dollars that address health, education, environmental and aboriginal needs identified by each of our communities.

Changing economic conditions in the province and our vital work to engage our communities have impacted our original timelines. The revised agreement allows us to deliver 1,369 MW within timelines that take into account these realities.

We are pleased to continue our positive working relationship with the government and, in particular, with the Minister of Energy. Together with the government, we are protecting our environment and bringing renewable energy jobs to the people of Ontario through our newly amended agreement. As has been the case since the start of our projects, we will continue to work within the regulatory process in partnership with the government.”

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 high-skilled jobs in renewable energy and thousands of 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 visit www.samsungrenewableenergy.ca.

Source: Samsung

For more information on: Samsung