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Ontario and the Korean Consortium update 2010 GEIA

June 25, 2013 | By Stephanie Lai

June 25, 2013 – The Ontario government says it is supporting job creation and protecting ratepayers by updating the province’s Green Energy Investment Agreement (GEIA) with the Korean Consortium, which includes Samsung C&T Corporation.

The revised agreement aims to increase local control over renewable energy products, create jobs and protect ratepayers by:

• Extending job commitments from 2015 to 2016. In addition, Samsung plans to build a fourth manufacturing facility in London, Ont., by the end of 2013, which is expected to create up to 200 additional manufacturing, and research and development jobs.
• Reducing the total commitment for renewable energy products from 2,500MW to 1,369MW. This presents an estimated $3.7 billion reduction in contract cost.
• Increasing local engagement for all future renewable energy products under the revised agreement. The Korean consortium will be required to obtain municipal council support resolutions for new renewable energy products.

The 2010 GEIA has led to various investments in Ontario, including three new renewable energy manufacturing facilities. Six wind and solar projects are also underway, adding enough electricity each year to power approximately 260,000 homes, said the government.

“Our partnership with Samsung has helped create a thriving clean energy industry in Ontario. With this updated agreement, we’ll continue to create good jobs, while maintaining Ontario’s commitment to clean, renewable energy,” said Bob Chiarelli, minister of energy.

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