Financing is done for $850M K2 Wind power project
It will generate renewable energy to power 100,000 homes.
GODERICH, Ont. — Construction began on the K2 Wind Power Project (K2 Wind) as of March 24 following the completion of the $850 million in financing secured with 15 financial institutions.
K2 Wind has been developed jointly by Samsung Renewable Energy Inc., Pattern Energy Group LP and Capital Power LP. Financing is set up as a construction loan that will convert to long-term operational debt.
The K2 Wind developers say the 270 megawatt wind power project in Goderich, Ont. is hiring local workers and using Ontario-made products, including 140 wind turbine towers made in Windsor, and blades manufactured in Tillsonburg.
Once operational in the second half of 2015, K2 Wind will generate power for approximately 100,000 Ontario homes annually.
The partners say the project will create 18 to 24 permanent full-time positions, generating about $1.5 million of employment income annually.
Samsung Renewable Energy is part of the Samsung Group, the South Korean conglomerate.
Pattern Energy Group, which has an office in Toronto, develops renewable energy and transmission assets.
Capital Power is a North American power producer based in Edmonton.