Samsung Renewable Energy, Pattern Energy and Capital Power have completed $850 million financing and begun construction of K2 Wind Power Project (K2 Wind), Goderich.
The 270 megawatt (MW) wind power project is hiring local workers and using Ontario-made products, including 140 wind turbine towers made in Windsor and blades manufactured in Tillsonburg, the companies said.
The $850 million financing was secured with 15 financial institutions in the form of a construction loan that will convert to long-term operational debt.
The Project will create approximately 18 to 24 permanent full-time positions, generating about $1.5 million of employment income annually.
More than 1,000 workers from across southwestern Ontario are estimated to be involved in the manufacturing and assembly of the wind turbines, as well as site construction and operations.
Once operational in the second half of 2015, K2 Wind will generate clean power for approximately 100,000 Ontario homes each year.
“K2 is our third wind project in Ontario to start construction, bringing a total of 690 MW of new wind energy to the Province,” said Mike Garland, CEO of Pattern Development.
K.J. Kim, senior vice president, Samsung C&T, said, “The K2 Wind project will create thousands of high-skilled jobs and millions of dollars in tax revenues and community benefits that will benefit real people in the community.”
“K2 Wind will be an important addition to Ontario’s renewable energy fleet, with 270 MWs of clean power generation being built in one of Ontario’s key wind areas,” said Paul Wendelgass, project lead for Capital Power.
K2 Wind will provide financial benefits to some 90 local farm families, who will collectively receive more than $3.2 million in annual revenue through land lease agreements and other benefits.
In addition, K2 Wind’s Community Renewable Energy Benefit will provide an annual payment of $1500 to the owner of any residence located within one kilometer of Project infrastructure during the Project’s operation.