Samsung and Pattern Development Complete C$580 Million Financing and Start Construction of Armow Wind Project in Ontario
Armow Wind being built by Ontario workers with Ontario-made products
TORONTO, Oct. 28, 2014-- Construction has begun on the Armow Wind power project in Ontario. Samsung Renewable Energy, Inc. (Samsung) and Pattern Energy Group LP ("Pattern Development") today announced the completion of a C$580 million construction and term loan financing, which was secured with 10 financial institutions. Located in the Township of Kincardine, the 180 megawatt (MW) Armow Wind power project will utilize more than 200 Ontario workers and Ontario-made products, including 91 wind turbine towers made in Windsor and 273 blades manufactured in Tillsonburg.
"Samsung is proud to be working with the community and our partners on the construction of this project," said Mr. Steve Cho, Vice President, Samsung C&T. "The Armow 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."
"We have now successfully financed and started construction on four wind projects in Ontario, totaling approximately 870 MW of wind power that has resulted in over $2.5 billion of new investment in the province," said Mike Garland, CEO of Pattern Development. "Armow Wind will create new jobs, generate millions in local lease payments and property taxes, improve the local airport, and create a community benefits fund that will support local initiatives in the community of Kincardine for decades to come. We want to thank the landowners, community members and the municipality for their hard work and collaboration on this project. We are honored to become a part of this great community."
"Siemens is proud to provide Ontario-made wind turbines for the Armow Wind Power Project. This project further demonstrates the progress of the Green Energy Investment Agreement between Samsung and the Ontario Government and underscores the success of the Green Energy Act as part of the Province's commitment to economic growth and environmental sustainability," said Jacob Andersen, Head of Wind Power and Renewables, Siemens Canada."
The Armow Wind project will generate enough clean energy to power approximately 70,000 Ontario homes based on average annual residential energy use in Ontario. The project, which is expected to be completed in the fourth quarter of 2015, will utilize 91 Siemens 2.3 MW wind turbines. Armow Wind has a 20-year power purchase agreement with the Ontario Power Authority (OPA).
In addition to producing clean power, the Armow Wind project is bringing strong economic benefits to the Kincardine community, including more than $75 million over 20 years in property taxes, landowner lease royalties and community benefits. The project will fund a long-term community benefits program, which will support education and other initiatives, including a contribution of $1 million to the Kincardine Airport to improve local operations.
About Samsung Renewable Energy Inc.
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 direct renewable energy manufacturing jobs and 9,000 high-skilled 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
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, and Santiago, Chile.