South Korea planning US$6bn investments in Canada power project

South Korea’s Samsung C&T and the state-run Korea Electric Power Corp are looking to invest US$6bn in a renewable power project in Ontario, Canada. The proposed wind and solar clusters are expected to generate around 2.5GW of power by 2016, enough to meet around four per cent of the province’s electricity demand. According to Samsung, the first 500MW cluster will be finished in 2012, but electricity prices are still under negotiation. Both companies believe the project will be the world’s biggest in terms of combining solar and wind power generating technologies. The project may well prove a welcome boost to Ontario steel makers. The first cluster will be built near Windsor, a car manufacturing hub and a plant will be located near Nanticoke, the current site of a coal-fired power plant. The province is aiming to retire of all its coal-fired power stations by 2014.