Ontario eyes 16k job boon after Korean renewables investment
A $7bn investment from a Korean consortium is expected to provide Ontario's economy with a significant boost and net the province up to 16,000 new green collar jobs.
Last year, Ontario adopted legislation to make encourage renewable energy with part of the Green Energy Act aimed at making the province more attractive to investors.
At the time, Ontario's Minister of International Trade and Investment Sandra Pupatello outlined the plans to edie.
The act includes guaranteed stable prices for energy from renewable sources.
Now Korean companies are keen to cash in on those incentives, with a consortium led by Samsung and the Korea Electric Power Corporation (KEPCO) planning the multi-billion investment to generate 2,500 megawatts of wind and solar power.
These projects will triple Ontario's output from renewable wind and solar sources and provide clean electricity to more than 580,000 households.
The South Korean government is betting on a new global green industrial revolution, topping the list of countries using green economic stimuli to pull themselves out of recession.
Up to 80% of its multi-billion dollar stimulus package announced last year was earmarked for clean-tech in the hopes of positioning the country as a leading developer and manufacturer.
The Korean investment is the single-largest in renewable energy in Ontario history.
"Thanks to today's announcement, we will be delivering more green energy for Ontarians to use -- and more green energy products for North America to buy," said Dalton McGuinty, Premier of Ontario.
"With this step, Ontario is becoming the place to be for green energy manufacturing in North America."
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