Thursday, January 21, 2010

Samsung and KEPCO win $6 billion deal to develop solar and wind power project in Canada

This is the kind of thing (via Bloomberg) I like to see happening, not only because it's economically beneficial to Korea, but because it nudges Korea toward a leadership position in renewable energy which hopefully will be applied to the domestic market as well (and Lord knows we need to have more renewable energy in South Korea):
The 2,500-megawatt project will include 1,000 wind turbines that will account for 80 percent of the total capacity, said the people who declined to be identified before an announcement is made in Ontario later today. The group comprising Samsung C&T and Korea Electric Power Corp. will sign the deal with the provincial government, they said.

The contract would be Korea Electric’s second overseas power plant order in a month after securing a $20 billion contract on Dec. 27 to construct atomic generators in the United Arab Emirates. Samsung C&T, South Korea’s second-biggest construction company, said on Sept. 29 it was in talks with Ontario to build wind and solar farms. The order may be worth more than 6 trillion won ($5.3 billion), the Maeil Business Newspaper said yesterday.

Korea Electric, the country’s largest electricity producer, will design the project’s transmission system and will be the operator, said the people. Samsung C&T may complete construction by 2016, they said.
At the same time, one wonders why Canadian companies aren't equipped to do this themselves, but I suppose North American companies can't be expected to do every North American project that comes down the pipeline.

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