Samsung and Pattern Development complete C$580m financing of Armow Wind Project
Samsung Renewable Energy, Inc. and Pattern Energy Group LP have announced the completion of a CAD$580 million construction and term loan financing for the Armow Wind power project in Ontario, Canada.
The 180 MW Armow Wind power project will be located in the Township of Kincardine. 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).
Mr. Steve Cho, Vice President, Samsung C&T, commented,
"Samsung is proud to be working with the community and our partners on the construction of this project. 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, stated,
"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. 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."
Jacob Andersen, Head of Wind Power and Renewables, Siemens Canada, added,
"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.
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