Tuesday, June 19, 2012

Samsung, Pattern Energy and Six Nations agree on $500 million CAD, 250 MW renewable energy deal

Samsung and Pattern Energy Group have agreed on a deal with the Six Nations of the Grand River to build a 250 MW solar and wind project in Ontario. The investment with the Six Nations is expected to be approximately $500 million CAD. The deal brings to an end two years of negotiations between Samsung and Pattern Energy, and the Six Nations.

The Grand River Renewable Energy Park will be a 250 MW wind and solar project, part of the first phase of Samsung’s investment in Ontario. Having received approval from the Ontario Power Authority in August 2011 to proceed with this phase, Samsung and Pattern are now completing the technical studies and approvals necessary to begin construction, which is expected to begin in autumn this year. Samsung and its partners have pledged to bring $7 billion CAD in investment to Ontario to create 2.5 GW of new renewable energy sources, including four manufacturing facilities. Shortly after signing a green energy investment agreement with the government of Ontario in January 2010, Samsung and Pattern entered into negotiations with Six Nations to locate a portion of the first phase of Samsung’s wind and solar project on Six Nations territory.

Under the terms of the definitive agreement, Six Nations may choose to participate in the project by electing an equity holding or royalty for each of the wind and solar developments. The band could earn income of approximately $55 million CAD over the course of the 20 year agreement, Chief William Montour said in a release. The target COD for the project is spring 2014.

Sources: Toronto Star, Six Nations Press Release, Renewable Energy Focus

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