The North Kent Wind project will bring substantial economic benefits to the Municipality of Chatham-Kent. Samsung Renewable Energy (Samsung) and Pattern Energy Group (Pattern Development) have announced that North Kent Wind, a 100-megawatt (MW) wind power project located in the Regional Municipality of Chatham-Kent, has entered into a 20-year power purchase agreement (PPA) with the Independent Electricity System Operator (IESO).
“We appreciate the support we have received from Chatham-Kent for this project, which will provide many benefits in the Municipality including job creation, business for local contractors, property tax revenue, and a $4 million community benefits contribution,” said Mike Garland, President and CEO of Pattern Development. “We look forward to continuing to work with the community on advancing this great project and helping Ontario reach its clean energy goals.”
“North Kent Wind is the sixth wind project of our $5 billion Green Energy Investment agreement here in Ontario. Samsung is proud to be a part of the Chatham-Kent community and excited about our equity partnership with the Municipality that will create local jobs,” said Steve Cho, Vice President of Samsung C&T Corporation. “Samsung is dedicated to delivering meaningful benefits to communities where we are building clean, renewable energy projects.”
The North Kent Wind project will employ approximately 200 skilled workers onsite at the peak of construction activity and create approximately 10 permanent jobs once operational. Construction of the project is expected to begin by the end of 2016 and it is expected to reach completion at the end of 2017. Local contractors will be utilized during construction and operations, including Entegrus Inc., which will obtain maintenance contracts for the life of the project.
Samsung and Pattern Development, as part of their commitment to make a positive impact in project area communities, will provide $4 million to the Municipality of Chatham-Kent as a community benefit contribution to be used at the sole discretion of Municipal Council. In addition, the project will generate approximately $5 million in tax revenue over 20 years. The Municipality also has the option to purchase a 15% equity interest in the project, which will provide recurring incremental revenue to the municipality to fund priority projects in the municipality.
Upon completion, the North Kent Wind project is expected to generate clean energy to meet the electricity needs of approximately 35,000 Ontario homes annually, based on average annual residential energy use in Ontario.
Samsung Renewable Energy
Filed Under: Financing, News, Projects