Samsung Renewable Energy, Inc and Pattern Energy Group LP have 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 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.
The Armow Wind project is expected to 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.
“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.”
Mike Garland, CEO of Pattern Development, said the company has successfully financed and started construction on four wind projects in Ontario. According to Garland, these projects entail approximately 870 MW of wind power which has resulted in more than $2.5 billion of new investment in the province.
“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," Garland stated. "We want to thank the landowners, community members and the municipality for their hard work and collaboration on this project.”
In addition to producing clean power, the Armow Wind project is expected to bring tangbile 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. Armow Wind has a 20-year power purchase agreement with the Ontario Power Authority.