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Canada

Canada

Ontario slashes Samsung subsidy by 75%

CANADA: The Ontario government has announced it is cutting by 75% the subsidy available to Samsung for building manufacturing plants in the province.

Ontario premier Dalton McGuinty: "Ontario will be the place to be for green energy jobs"
Ontario premier Dalton McGuinty: "Ontario will be the place to be for green energy jobs"

In January last year, Samsung signed a deal with Ontario that included the installation of 2GW of wind energy and the establishment of factories to produce turbine towers and blades.

As part of this, it became eligible for an economic development adder amounting to C$437 million ($455 million) over the lifetime of the contracts. The factories and the renewables projects, including wind, had to be operational within a set timeframe.

This figure has now been reduced to C$110 million. In return Samsung has been given an extra year to build the projects. The completion date is now 2014.

At the time of the deal, a tower plant was scheduled to start operations before the end of March 2013 and a blade facility by the end of 2015. These deadlines has been moved forward to the end of this year.

Samsung is building the tower factory while partner Siemens is setting up the parallel operation for blades.

Ontario’s deal with Samsung has come under the spotlight since it was signed last year. In June, the province’s Progressive Conservative candidate Tim Hudak said he would scrap the deal if his party won the autumn elections.

 

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