South Korean engineering company Samsung C&T has trimmed down its planned investment to C$5bn ($4.8bn), which is aimed at increasing renewable energy capacity in Ontario, Canada.
The company had earlier committed to green energy investment of C$7bn ($6.74bn) as per the Green Energy Investment Agreement (GEIA) with the Ontario government.
Samsung then planned to install projects accounting for total power production of 2,500 MW over five phases by 2016.
According to the newly amended Green Energy Investment Agreement GEIA, Samsung along with its partners will now develop 1,369MW of renewable energy over three phases through 2016.
Commenting on the revised agreement, Samsung C&T executive vice president Ki-Jung Kim said that volatile economic environment in the Ontario province and company’s strategy to include community has affected its initial plan.
"The revised agreement allows us to deliver 1,369 MW within timelines that take into account these realities," added Kim.
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By GlobalData"Together with the government, we are protecting our environment and bringing renewable energy jobs to the people of Ontario through our newly amended agreement."
Samsung has commenced its initial two phases comprising Phase 1 planned in Chatham-Kent and Haldimand County and Phase 2 projects in Huron-Bruce and Kingston and Loyalist Township.
In addition, the company is expected to assist all of its Ontario manufacturing partners in its efforts to develop export markets beyond this project, according to a statement.
"We also believe that being part of an engaged, supportive community is critical for our success. That’s why we have established benefit funds worth tens of millions of dollars that address health, education, environmental and aboriginal needs identified by each of our communities," noted Kim.
