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Energy News: Samsung and Pattern Energy (Nasdaq:PEGI) (TSX:PEG) Complete Canada's Largest Wind Project, South Kent Wind(April 14, 2014)
Energy News: Samsung and Pattern Energy (Nasdaq:PEGI) (TSX:PEG) Complete Canada's Largest Wind Project, South Kent Wind
Project is Delivered on Schedule and on Budget Despite Record-Breaking Winter Conditions
TORONTO - April 14, 2014 (Investorideas.com renewable energy stocks newswire) The largest wind project in Canada is now up and running. Samsung Renewable Energy, Inc. (Samsung) and Pattern Energy Group Inc. (Nasdaq:PEGI) (TSX:PEG) (Pattern Energy) today announced its South Kent Wind project has completed construction and is fully operational. The 270 megawatt (MW) South Kent Wind project is the largest wind power facility in Canada with the capacity to produce clean renewable energy for approximately 100,000 Ontario homes each year.
"South Kent Wind is our first in a series of wind projects in Ontario and we're proud it has been delivered on time and within budget, despite a very harsh winter," said Mike Garland, CEO of Pattern Energy. "This project was truly a collaborative effort -- a total of 15 banks providing financing for an effort that involved 500 workers constructing 70 kilometers of roads, 124 wind turbines and 283 kilometers of electrical cable. Along with our partner, Samsung, we'd like to thank the very dedicated construction crew and the fantastic community of Chatham-Kent. We're proud this project will now be providing real benefits to the local economy, including more than $7 million in direct spending each year."
"Samsung and our partners are proud to complete this first project under our Green Energy Investment Agreement with the government of Ontario," said Ki --Jung Kim, Senior Vice President, Samsung C&T. "This project is now producing hundreds of megawatts of clean energy, and has created thousands of high-skilled jobs and millions of dollars in community investment, all of which are benefiting real people in Chatham Kent and across the province."
South Kent Wind created approximately 500 jobs during construction and 22 full-time permanent positions for ongoing operations and maintenance. A total of 99% of the workforce was comprised of workers from Ontario, which were involved in every aspect of the South Kent Wind project -- from manufacture and assembly of the wind turbine components to site construction, installation work and project operations. RES Canada managed construction of the project. Altogether, Samsung and Pattern Energy's wind power projects in Ontario are creating thousands of manufacturing and construction jobs, contributing significant property taxes in host communities and providing millions of dollars for schools and important community projects.
South Kent Wind is utilizing 124 Siemens 2.3 MW wind turbines with blades and towers that were made in Ontario. Siemens' turbine blade facility in Tillsonburg manufactured the blades and CS Wind's facility in Windsor manufactured the turbine towers, using Ontario-made steel.
The South Kent Wind project features some of the most advanced wind technology, including TowerTEX's TowerSHADE, which is used to mitigate the impact of night lights required by aviation regulations. The tower shades completely eliminate light visibility from below the turbine out to 1.5 km, while allowing the light to be seen from above by aircraft.
South Kent Wind helps Ontario achieve its clean energy goals and allows the Province to continue moving away from its dependence on coal energy production. Compared to coal-fired generation, South Kent Wind will offset approximately 842,000 tonnes of CO2 each year, the equivalent of taking nearly 148,500 cars off the roads, and conserve enough water to meet the needs of approximately 23,600 Ontarians. The South Kent Wind project has a 20-year power purchase agreement with the Ontario Power Authority (OPA).
Samsung and Pattern Energy are also in construction of the 150 MW Grand Renewable Energy Park in Haldimand County, Ontario. Samsung and Pattern Development are making significant progress on two other wind energy projects in Ontario, including the 180 MW Armow Wind project in the Municipality of Kincardine and the 270 MW K2 Wind project in the Township of Ashfield-Colborne-Wawanosh, which began construction in March and is being developed with our partner Capital Power. Altogether, these four projects will create 870 MW of renewable energy for the OPA, enough to power approximately 300,000 homes in Ontario each year.
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 Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of ten wind power projects, with a total owned capacity of 1,255 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC and applicable Canadian securities regulatory authorities in connection with the Company's initial public offering. The risk factors and other factors noted in the prospectus could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
Samsung Renewable Energy
Investor Relations, Pattern Energy
T: (416) 815-0700 ext. 238
Media Relations, Pattern Energy
T: (917) 363-1333
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