FinSoul has become aware of a recent announcement by Samsung C&T Corporation saying that they had been awarded a deal to supply renewable energy equipment such as wind turbines to the Canadian industrial heartland province of Ontario, worth C$7 billion or $6.7billion.
It is believed that Samsung will also be developing 600MW of wind and solar farms in Canada’s most populous province, aimed at assisting the provincial government in meeting its goal of creating 50,000 new jobs over 3 years as part of its Green Energy Act.
In September of 2009, FinSoul believes, the province announced that it was in negotiations with Samsung, working on a deal that the government later disclosed was going to create more than 15,000 jobs.
The deal has however had its share of controversy with government ministers saying that they were opposed to giving control of such a sizeable part of the province’s energy generation sector to a South Korean firm and later arguing that Samsung had been given preferential treatment over other firms including some domestic interests.
FinSoul believes that other detractors said that electricity ratepayers would be footing the bill for what is in effect a subsidy for the Samsung led consortium, as the government had granted above market price guarantees to the company for the supply of green power.
