Samsung, Pattern Energy Acquire Ontario Wind Farm
Samsung Renewable Energy and Pattern Energy Group LP, a San Francisco-based wind power developer, on Monday announced the joint purchase of the Armow wind project in Kincardine, Ontario, from Spanish energy company Acciona SA for an undisclosed sum.
Construction of the wind power project, to be located about 140 miles northwest of Toronto, is scheduled to start in 2013 and is expected to be completed the following year. Initially slated to be an 80-megawatt facility, the partners say they will more than double its proposed electricity generation to 180 megawatts and sell the output to the Ontario Power Authority.
The Armow acquisition is the latest move in a strategy that has seen Samsung and Pattern snap up land in Ontario for a number of wind projects that will use turbines manufactured by Siemens AG (NYSE: SI) at its factory in Tillsonburg, Ontario.
Samsung has jumped into Ontario's clean energy market, as the provincial government's renewable power policy continues to draw a flood of investment to solar and wind. The South Korean industrial giant recently selected London, Ontario, as the location for its fourth Canadian manufacturing plant, a facility that will build solar modules for use in regional projects and global export.
Under its Green Energy Investment Act (GEIA) Agreement with province, Samsung and its partners have already spent over $150 million of a planned $7 billion in Ontario to jump-start related industries, which are projected to ultimately produce 2,500 megawatts of sustainable power.
Image Credit: twicepix via Flickr.
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