Samsung, Pattern and Capital Power begin construction of 270 MW wind project in Ontario
Workers have started to build the K2 Wind Power Project, which has broken ground following the successful completion of an $850 million financing, secured with 15 financial institutions in the form of a construction loan that will convert to long-term operational debt.
Located in Goderich, Ontario, on the eastern shores of Lake Huron, the 270 megawatt wind power project is hiring local workers and using Ontario-made products, including 140 wind turbine towers made in Windsor and blades manufactured in Tillsonburg.
Local dairy farmers Jennifer and Don Miltenburg will be hosting a turbine on their farm. "K2 Wind has bent over backwards to work closely with us and all of the landowners, both in the planning and lease agreements," said Jennifer. "I am personally really proud to have a wind turbine on my land. To me it represents the direction that we all need to be heading, toward greener sources of power."
Once operational in the second half of 2015, K2 Wind will generate clean power for approximately 100,000 Ontario homes each year. K2 Wind is being developed jointly by Samsung Renewable Energy, Inc., Pattern Energy Group LP and Capital Power LP.
"K2 is our third wind project in Ontario to start construction, bringing a total of 690 MW of new wind energy to the province," said Mike Garland, CEO of Pattern Development. "K2 embodies Pattern Development's continued commitment to delivering world-class projects in a responsible way and is particularly exciting because we are hiring locally and using blades and towers made here in Ontario. We're proud to be part of Ontario's commitment to green energy."
K2 Wind will provide financial benefits to some 90 local farm families, who will collectively receive more than $3.2 million in annual revenue through land lease agreements and other benefits. In addition, K2 Wind's Community Renewable Energy Benefit will provide an annual payment of $1500 to the owner of any residence located within one kilometer of project infrastructure during the project's operation.
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