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Samsung C$7 billion Ontario deal at risk if Convervatives win election

CANADA: The C$7 billion deal Samsung signed with the Ontario government last year could be scrapped if the Progressive Conservative candidate Tim Hudak wins autumn elections.

Progressive Conservative candidate Tim Hudak is in favour of scrapping Ontario's FIT scheme
Progressive Conservative candidate Tim Hudak is in favour of scrapping Ontario's FIT scheme

Speaking to Canadian press, Hudak denounced Samsung’s investment as a "shady deal that [Ontario premier] Dalton McGuinty signed behind closed doors." He added it would drive up electricity bills.

The Samsung deal involves the investment of C$7 billion over six years in renewable energy development and manufacturing in the province.

It will receive Ontario’s feed-in tariff (FIT) rates for the power, equivalent to C$0.135/kWh for wind and C$0.443/kWh for solar.

Hudak also said he would honour existing FIT contracts but would not offer any new deals as they meant higher costs for the consumer.

In response, CANwea president Robert Hornung said Hudak was wrong to blame the FIT scheme for price rises as only a few projects are currently operating under the scheme.

The Samsung deal includes the installation of 2GW of wind energy and the establishment of factories to produce turbine towers and blades.

The consortium, which also includes the Korea Electric Power Corporation, will begin installation of the wind farms and 500 MW of solar projects in 2012.

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